TON coin (TON) surged by $6.40 following a major investment from Pantera Capital. Despite a slight correction in the altcoin market, the TON network continues to experience exponential growth, driven by its vibrant Telegram community. In-depth analysis.
The TON ecosystem has experienced exponential growth recently, mainly thanks to the significant Telegram community. According to Defillama data, the TON network had a total locked value of about $152 million and a stablecoin market cap of around $1.01 billion at the time of writing.
Furthermore, CryptoRank data shows that the daily volume of Telegram gifts has seen a significant increase since the beginning of May, reaching $1.8 million two days ago. The majority of Telegram NFT volume came from the Tonnel and Fragment platforms.
Since its all-time high of around $8.25 on June 15, 2024, the TON price has been in correction mode. However, it has established a strong support level above $3.
According to crypto analyst Ali Martinez, the TON price is well positioned to experience at least a 47% increase if it breaks above the upper boundary in the coming days.
Indeed, the Bollinger FBB squeeze indicates an imminent massive move for TON. If the trend remains bullish for BTC, TON could potentially see a minimum 40% increase to $4.4. It could then push towards the next resistance zone at $4.7, offering a 47% increase.
The RSI in 2 and 4H showed an oversold level yesterday, which could propel TON towards a new rally if conditions allow.
Although the altcoin market, including Toncoin, experienced a slight correction in the last 24 hours, the short-term outlook remains positive for this asset. With strong technical support and a growing Telegram community, Toncoin seems well positioned to continue its upward trajectory in the coming weeks.
To purchase the token on Bitget, here is a quick and detailed guide:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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