Let's discuss key aspects of the Ontology Gas ($ONG) token, including its utility, tokenomics, and current market state. Special attention will be given to recent changes in price charts and social relevance.

About the Token

$ONG is the utility token used to pay for transaction fees and services on the Ontology blockchain. It is generated through staking the main Ontology token, $ONT. It is essential for performing on-chain operations like smart contract execution and transfers, and it plays a key role in maintaining the network’s functionality and ecosystem.

Tokenomics

Key figures for the $ONG token include a market cap of $122 million, ranking 315 in market cap. The 24-hour trading volume is $13.5 million, with a volume rank of 274. There are 374 million tokens in circulation, representing 37.4% of the total supply of 1 billion.

Chart Analysis

$ONG has been consolidating since July, with the price fluctuating between $0.25 and $0.35. Since September, the token entered an uptrend, forming higher lows and highs. However, so far, the token couldn't sustainably break above the resistance at $0.33.

Ontology Gas ($ONG) token shows positive market trends driven by several factors, including technical indicators and social relevance. However, further development largely depends on the token’s ability to break the key resistance level.