Over the past 24 hours, Toncoin has surged by 12%, maintaining its position as the ninth largest cryptocurrency by market capitalization. Cryptocurrency venture capital firm Pantera Capital has announced an investment in the TON network, although specific figures have not been disclosed. The L1 ecosystem TON network, associated with Telegram, has seen a 1182% increase in Total Value Locked (TVL) in the first quarter of 2024, rising from $13.79 million in January to $176.87 million currently. Various metrics within this ecosystem have shown significant growth in recent months, driven by initiatives like The Open League launch, integration of stablecoin Tether (USDT), and other reward airdrops in April. According to Santiment data, the number of wallets on the network has grown by 110% over the past six months, reaching 16.8K wallets. In April, there was a 90% increase in the deployment of TON smart contracts, highlighting increased developer activity. To date, TON has deployed over 300 projects, including applications integrated with Telegram, which boasts 900 million monthly active users.
Notably, in the last 24 hours, the native token Toncoin has surged by 12%, returning to the $5 price range. This bullish trend followed the announcement of investment by cryptocurrency venture capital firm Pantera Capital into the TON ecosystem. Now is the time to assess the performance of this ecosystem’s token in the market.
Will TON be able to sustain its momentum or face corrections? In April, Toncoin saw a significant spike, reaching an all-time high of $7.65. However, this momentum was short-lived, gradually declining to a low of $4.6 by Wednesday. This recent 24-hour price increase has pushed the token back into the $5.3 range. But will it test and maintain an upward trend?
Let’s analyze the daily price chart of Toncoin (TON). According to TradingView data, the RSI indicator is nearing the neutral zone, currently between 47-48. Trading volume indicates a stable level. On the other hand, the Chaikin Money Flow (CMF) oscillator remains below 0, indicating a decrease in money flow.
According to TheNewsCrypto’s analysis, the price action of TON shows a descending wedge pattern, suggesting bullish prospects. If this bullish momentum continues, TON is likely to test and break above the resistance level of $5.407.
As of the time of writing, according to CoinMarketCap data, Toncoin is trading at $5.38 with a 24-hour trading volume of $233 million. There are currently a total of 3.47 billion TON tokens in circulation, with a market capitalization of $18.7 billion.
