Toncoin (TON) Price Skyrockets 25% to Hit New All-Time High
Toncoin, the native cryptocurrency of the Telegram Open Network (TON), has experienced a significant rally, surging 25% in the past 24 hours to reach a new all-time high at $4.45. At present, Toncoin is trading at $4.31 with a market cap of $15 billion, reflecting a 16.31% increase. Additionally, trading volumes have surged by 30% to reach $354 million.
Factors Driving the Toncoin (TON) Price Rally
The surge in TON price can be attributed to several factors:
- Optimism Regarding Future Price Trajectory: There is a noticeable correlation between TON price fluctuations and trading volume, leading to growing optimism about the cryptocurrency’s future price trajectory.
- Potential Distribution of Revenue: Telegram recently announced its plan to distribute 50% of its advertising revenue to channel owners using Toncoin on the TON Blockchain. This news has further fueled positive sentiment among investors.
- Thriving Initiatives within the TON Ecosystem: The TON blockchain ecosystem, particularly The Open League, has seen thriving initiatives. TON Raffles, for instance, has witnessed a remarkable 70% increase in user engagement and a significant surge of 60% in Total Value Locked (TVL). The TON Foundation has acknowledged these achievements by introducing an airdrop program that distributes 1 TON to each holder of TON Raffles tokens.
- Institutional Investment: On-chain data provider Lookonchain reported a substantial purchase made by a whale investor who spent 214 Ethereum (equivalent to approximately $858,000 USD) to acquire 209,237 TONcoin tokens. This significant investment reflects growing interest and confidence in TONcoin, contributing to its market value surge.
What’s Next for TON Price?
At present, 95% of TON Coin investors are seeing profits, indicating that they may be holding onto their investments with the aim of reaching new highs. A similar pattern was observed with the FLOKI Token, which remained at a 95% profit level before doubling in price.
However, caution is advised as a 37% price surge often leads to selling pressure. While the four-hour chart indicates a short-term bullish trend in price movement, it’s essential to consider potential sell-offs.
Key Support and Resistance Levels:
- Support Levels: Historically, TON Coin has received support around the $2.6 and $2.38 levels. In the event of a potential sell-off, prices may decline to these levels.
- Resistance Level: If the current momentum persists, closing above $4 could potentially trigger a new upward movement towards the $5.8 mark.
Hot Take: Toncoin (TON) Skyrockets with Strong Market Performance
Toncoin (TON) has experienced an impressive rally, setting a new all-time high at $4.45. The surge in price can be attributed to factors such as optimism about future price trajectory, the potential distribution of revenue to Telegram channel owners using Toncoin, thriving initiatives within the TON ecosystem, and institutional investment by a whale investor. However, caution is advised as selling pressure may arise due to the significant price surge. Investors should closely monitor support and resistance levels for potential market movements. With TON Coin investors currently seeing profits, the cryptocurrency’s price performance remains an exciting development to watch.
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