Popular altcoin toncoin, has experienced a very impressive rise in the last 24 hours. In connection with this, its price reached an all-time high. At the time of writing, Toncoin (TON) price is trading at $4.31. Additionally, its market capitalization exceeded $15 billion. During this period, Toncoin’s 24-hour trading volume also increased significantly. In this context, it increased by 30% to 354 million dollars. This reflects the increasing interest and purchasing demand for Toncoin in the market.
What’s Behind the Toncoin (TON) Price Rally?
There is a significant correlation between TON price fluctuations and trading volume. Therefore, optimism regarding the future price trajectory is increasing. Additionally, the latest announcement further fuels this optimism by bringing up potential revenue distribution to Telegram channel owners.
In the announcement, “Telegram will distribute rewards using Toncoin on the TON Blockchain. Channel owners will receive 50% of all revenue from advertising on the company’s channels.” It was stated as.
Toncoin’s expansion comes primarily through contributions from Open League and other initiatives in the TON blockchain ecosystem. TON Raffles in particular is demonstrating impressive growth, with a notable 70% increase in user engagement and a notable 60% increase in Total Value Locked (TVL). To recognize these achievements, the TON Foundation launched a generous airdrop program, distributing 1 TON to every TON Raffles token holder.
Additionally, Lookonchain noted that the 30% increase in TONcoin’s price coincided with a notable transaction observed on the blockchain. Lookonchain detected a significant purchase made by a whale investor who spent 214 Ethereum (equivalent to approximately $858,000 USD) to acquire 209,237 TON tokens. This transaction took place on-chain at a price of $4.1 per TONcoin.
The large investment by the whale investor underlines the growing interest and confidence in TONcoin, contributing to the significant increase in its market value. is located.
The price of $TON(#toncoin) increased by nearly 30% today!
We noticed that a whale spent 214 $ETH($858K) to buy 209,237 $TON at $4.1 on-chain.https://t.co/BGyj7ugsLw pic.twitter.com/EiUOkcup3e
— Lookonchain (@lookonchain) March 13, 2024
TON Price Movement Ahead
According to current data, 95% of TON investors have made a profit. This shows that there are investors who want to reach new highs in the near future. A similar pattern was observed with FLOKI Token. This was demonstrated by investors who remained at the 95% profit level before the price doubled.
However, it is also important to consider selling pressure. A 37% price increase requires caution. Four-hour chart analysis shows a short-term bullish trend.
According to historical data, TON Coin has generally found support at $2.6 and $2.38. In case of a possible sale, it is possible for prices to decline towards these levels. However, if the current momentum continues, a close above $4 could potentially trigger a fresh upward move towards the $5.8 target.
