Toncoin's market cap surpassed $18.5 billion, ranking it 10th among cryptocurrencies.
Trading volume spiked over 50% in the last 24 hours, reaching $228 million.
Toncoin's price climbed over 5% in a day and nearly 6% in a week.
Toncoin's rise is attributed to Telegram integration, coming out on top in a recent speed test, and Pavel Durov's announcement of a $30 billion Telegram valuation.
Charts suggest Toncoin might break above $5.5 soon and reach new highs of anywhere between $6.9 and $7
Among the top 100 cryptocurrencies, only a few are flashing as many bullish signals as Toncoin right now.
Telegram, $TON and The Open Network have been in the news every other week, since mid-2023 until now, because of their massive strides in development.
And this media hype has been paying off.
This weekend, Toncoin just gave Avalanche a thrashing, flipping it to become the 10th largest cryptocurrency by market cap.
This and so much more, heap a lot of promise on Toncoin’s ability to perform in the coming bull run, and here’s why you might want to bet on this cryptocurrency.
To start things off, CoinMarketCap data shows that TonCoin’s market cap now sits comfortably above the $18.5 billion figure, reflecting the growing confidence and interest from investors, over what TON is all about.
Moreover, the cryptocurrency’s trading volume has also spiked by more than 50% over the last 24 hours, coming to rest at a staggering $228 million.
Toncoin’s tokenomics
The cryptocurrency’s price has also climbed by around 5% over the last day to reach $5.42, and by around 5.8% in the last week.
This marks a massive spike in the cryptocurrency's growth because only in early March (a month ago), Toncoin's rank, price and market cap sat at around 17th (rank), $2.8 (price) and $9.54 billion (MCap) respectively.
Toncoin’s price and market cap
This remarkable growth in only a month is massive, by most standards.
Toncoin’s journey to the top has been marked by strategic moves and pivotal moments.
In September 2023, TON was the talk of the community, after the price increase that followed the launch of its telegram-based TON wallet. This price increase allowed TonCoin to beat Tron as the 15th largest asset by market cap, as announced at the Token2049 conference in Singapore.
Moreover, The Open Network (TON) was also confirmed by Certik as the fastest and most scalable blockchain in October 2023, clocking over 104,000 transactions per second on a public live-streamed test.
Toncoin as the fastest
Further boosts to Toncoin’s growth have been the announcement by Telegram Founder Pavel Durov, about the new ad-revenue sharing system for Telegram channel managers, among others.
Overall, Durov’s reports of Telegram being valued at over $30 billion in anticipation of a potential IPO was one of the biggest boosts for Ton’s growth, significantly influencing investor sentiment.
Toncoin may be on the verge of a massive price explosion, according to the charts.
We can see below, that the crytocurrency has already formed a triple top formation against the $5.5 resistance, and might be breaking above any minute.
Toncoin’s price action
Toncoin attempted a break above this $5.5 resistance on 25 March but was eventually rejected at around $5.7.
If we do see a break above $5.5 once again, one of the key things to look out for would be a break above $5.7, a possible (but not guaranteed) post-breakout correction, before a final attempt at making a new all-time high at anywhere between $6.9 and $7.
Toncoin’s price targets
The levels to keep an eye out for include $6.9 - $7 (resistances/targets) and $4.5 - $4.6 (supports).
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.