- The native cryptocurrency of the Telegram Open Network (TON) has surged to new all-time highs with a striking 25% increase in the last 24 hours, reaching $4.45.
- Given the noticeable and consistent correlation between price fluctuations and trading volume in TON, optimism about future price movements is increasing.
- Historically, support levels for TON Coin have been around $2.6 and $2.38. In the event of a potential sell-off, prices could drop to these levels.
The native cryptocurrency of the Telegram Open Network (TON), the TON token, is breaking records upon records; will there be further increases? Here’s the latest review!
Toncoin Draws Attention with Recent Surge
Toncoin, the native cryptocurrency of the Telegram Open Network (TON), has seen a striking 25% increase in the last 24 hours, reaching new all-time highs of $4.45. Currently, Toncoin (TON) is trading at $4.31, up 16.31%, with a market capitalization of $15 billion. Interestingly, 24-hour trading volumes also increased by 30% to $354 million.
Given the noticeable and consistent correlation between price fluctuations and trading volume in TON, optimism about future price movements is increasing. Additionally, a recent announcement mentions the potential distribution of 50% of revenues to Telegram channel owners.
The announcement states: “Telegram will use Toncoin for distributing rewards on the TON Blockchain. Channel owners will start receiving 50% of all advertising revenue in their channels.”
Toncoin’s expansion is particularly driven by vibrant initiatives within the TON blockchain ecosystem. Notably, ventures within The Open League are attracting attention. TON Raffles has shown impressive growth, with a 70% increase in user participation and a 60% increase in Total Value Locked (TVL). In response to their successes, the TON Foundation initiated a generous airdrop program, distributing 1 TON to each holder of TON Raffles tokens.
Additionally, on-chain data provider Lookonchain noted that the 30% increase in TONcoin’s price coincided with a significant transaction observed on the blockchain. Lookonchain identified a significant purchase made by a whale investor; this investor bought 209,237 TONcoin tokens by spending 214 Ethereum (approximately equivalent to $858,000 USD). This transaction occurred at a price of $4.1 per TONcoin.
The substantial investment made by the whale investor highlights the increasing interest and confidence in TONcoin, contributing to a significant increase in its market value.
TON Price Movement
At the time of writing, 95% of TON Coin investors are seeing profits. This indicates that these investors are aiming for new highs unless there is significant profit-taking in the near future. Similar patterns were observed for the FLOKI Token, which remained at a 95% profit level before doubling in price.
However, it’s worth considering the possibility of selling pressure. A 37% price increase requires attention. Four-hour chart analysis indicates a short-term bullish trend in price movement. Historically, support levels for TON Coin have been around $2.6 and $2.38. In the event of a potential sell-off, prices could drop to these levels. However, if the current momentum continues, a close above $4 could trigger a new uptrend, potentially reaching levels around $5.8.
