Toncoin has experienced a significant surge of 12% in the past 24 hours, solidifying its position as the ninth-largest cryptocurrency by market capitalization. Pantera Capital, a prominent crypto venture capital firm, has also announced its investment in the TON Network, although the specific details of the investment remain undisclosed.
The TON Network, which is associated with Telegram, has witnessed a remarkable growth of 1182% in total value locked (TVL) during the first quarter of 2024. Starting from $13.79 million in January, the TVL has now reached $176.87 million. Moreover, the ecosystem has seen substantial increases in various metrics in recent months.
Several factors have contributed to the traction and growth of the TON ecosystem. The introduction of The Open League, the integration of stablecoin Tether (USDT), and other rewarding airdrops in April have played a significant role in driving the ecosystem’s progress. According to Santiment, the number of wallets across the network has surged by 110% in the past six months, reaching 16.8K wallets.
Additionally, there has been a 90% increase in the count of smart contract deployments on TON during April, indicating heightened activity among developers. To date, TON has deployed over 300 projects, with a significant portion of them being applications integrated with Telegram, a cloud messaging platform that boasts 900 million monthly active users (MAU).
Notably, the native token of the TON ecosystem, Toncoin, has experienced a 12% surge in the past 24 hours, pushing its price back into the $5 range. This bullish rally was triggered by the announcement of Pantera Capital’s investment in the TON ecosystem. It is now crucial to examine the performance of the ecosystem’s token in the market.
The question arises as to whether TON can sustain its current momentum or if it will face a correction. In April, Toncoin reached its all-time high (ATH) of $7.65, but the momentum was short-lived as the altcoin experienced a gradual decline, reaching a low of $4.6 on Wednesday. The 24-hour price gain has allowed the altcoin to re-enter the $5.3 range, but the question remains whether it will continue on an upward trend.
Analyzing the daily price chart of Toncoin (TON), the RSI is approaching the neutral zone, currently at 47-48. The trading volume is relatively stable, while the Chaikin Money Flow (CMF) oscillator remains below 0, indicating a decline in the money flow.
According to TheNewsCrypto’s analysis, TON’s price action follows a falling wedge pattern, suggesting a bullish outlook. If this bullish momentum persists, TON is likely to test and surpass the resistance level of $5.407.
At the time of writing, Toncoin is trading at $5.38, with a 24-hour trading volume of $233 million. The current market cap stands at $18.7 billion, with a total supply of over 3.47 billion TON tokens.