- Toncoin has surged 12% over the last 24 hours, sustaining its spot as the ninth-largest capped crypto.
- Crypto VC firm Pantera Capital has announced its investment in the TON Network, with figures undisclosed.
TON (The Open Network), the Telegram-linked L1 ecosystem, registers an impressive growth of 1182% in TVL (total value locked) over Q1 2024 — from $13.79 million in January to $176.87 million till date. The ecosystem also recorded remarkable spikes in various metrics in recent months.
The initiation of The Open League, integration of stablecoin Tether (USDT), and other rewarding airdrops in April line up as factors that catalyzed the ecosystem’s traction and growth. As per Santiment, the wallets across the network surged 110% in the past 6 months to 16.8K wallets.
April saw a 90% increase in the count of smart contract deployments on TON, highlighting the increased developers’ activity. TON has seen the deployment of over 300 projects to date, with a significant portion being applications integrated with Telegram, a cloud messaging platform with 900 million monthly active users (MAU).
Notably, over the past 24 hours, Toncoin, the native token, has surged 12%, reaching back into the $5 range. This bullish rally emerged on the charts after the announcement of crypto VC firm Pantera Capital’s investment in the TON ecosystem. Time to examine the ecosystem’s token performance in the market.
Will TON Sustain its Momentum or Face Correction?
In April, Toncoin rallied to hit its all-time high (ATH) of $7.65. But the momentum was short-lived, as the altcoin gradually began falling and bottomed at $4.6 on Wednesday. The 24-hour price gain catalyzed the altcoin’s entry into the $5.3 zone. But will it test and onboard an upward trend?
Let’s analyze the daily price chart of Toncoin (TON). As per the TradingView data, the RSI is nearing the neutral zone — currently at 47-48. The trading volume displays consolidated levels. On the other hand, the Chaikin Money Flow (CMF) oscillator is still below 0 indicating a decline in the money flow.
As per TheNewsCrypto’s analysis, TON’s price action demonstrates a falling wedge pattern, suggesting a bullish outlook. If this bullish momentum persists, TON is likely to test and break the resistance level of $5.407.
At the time of writing, according to CoinMarketCap data, Toncoin traded at $5.38 with a 24-hour trading volume of $233 million. Over 3.47 billion TON currently stands with a market cap of $18.7 billion.
