GraFun Labs has announced that its “legendary memepad” is now live on the TON blockchain, a move that comes just days after the platform integrated Ethereum and other blockchains. This is a major step forward in the development of memecoins on the TON platform. Despite the explosive growth of memecoins in the crypto industry, the TON ecosystem has yet to fully tap into its potential.
DWF Labs broke the news after an initial announcement from GraFun Labs, although the exact nature of the two companies’ partnership on the project has not been made clear. Since September, the two companies have been working together to support the launch of tokens on the GraFun platform, helping to fuel the growth of the growing memecoin sector.
Two weeks ago, DWF announced a $20 million fund for memecoin creators, aimed at facilitating the development of new assets on any blockchain.
TON Price Forecast: Can It Hit $8 by December?
Toncoin (TON) price has recorded a significant increase of 46.2% over the past 30 days. The RSI remains high, close to the overbought zone, and the downward trend in outflows from exchanges shows that selling pressure is gradually weakening. This reflects the increasing confidence of long-term investors.
The EMAs also confirm the bullish trend, with the current price breaking above the short-term moving average. If this bullish momentum continues, there is a high possibility that TON could break the resistance at $7.19, moving closer to $8 in the coming month of December. However, if the market reverses, the price could retest the support levels at $6.6 and $5.6.
TON’s RSI remains near 70
Recently, the RSI of TON approached the overbought level of 70, but has since dropped to 63. This correction indicates a slight weakening of buying momentum, although the indicator remains firmly in positive territory. This suggests that current market conditions are still bullish. The current situation suggests that buyers are still in control, however, the bullish momentum does not appear to be strong enough to push the price higher without more active participation from other buyers.
RSI (Relative Strength Index) measures the speed and magnitude of price movements, with a reading above 70 indicating overbought conditions and below 30 indicating oversold conditions. TON’s RSI is currently at 63, suggesting upside potential remains if the positive momentum continues.
If the RSI crosses back above 70, as it did in late November, TON price could resume its bullish momentum and retest $7.2, opening the door for a fresh breakout.
TON Supply on Exchanges Decreases
Recently, the supply of TON on exchanges has fluctuated significantly. Specifically, the circulating supply of TON has decreased from 1.75 million on December 1 to only 1.68 million at the time of writing. This indicates that in the past three days, hodlers have withdrawn approximately 800,000 TON from exchanges. This drastic change indicates that selling pressure is significantly decreasing and hodlers appear to be shifting to a long-term accumulation or holding (HODL) strategy. A decrease in supply on exchanges is generally considered a positive signal for the price, as it reflects investors’ confidence in the future growth potential of this coin.
On the TON 4-hour price chart, we can see that the EMAs are still holding a strong bullish trend. Specifically, the short-term EMA is higher than the long-term EMA, and the price is also trading above the short-term EMA. This clearly reflects that the bullish momentum is very strong, and this positive trend is likely to continue in the near future.
If TON continues its uptrend and breaks the $7.19 resistance, the price could head towards $8 by December – a level not seen since June 2024. However, if the price reverses and a downtrend emerges, TON could retest the $6.6 support level, potentially hitting $5.6 if this level fails to hold.
The following article is for informational purposes only and should not be considered as investment advice. We recommend that investors conduct their own research before making any investment decisions. Please note that we are not responsible for any investment decisions you make.
