Toncoin (TON) Price Hits New ATH; What’s Driving the Rally?

According to current data, an Ethereum whale just bought $850 million worth of TON, which caused the price of Toncoin to rise past $4.0.

Key Takeaways

• The increase in Toncoin‘s price occurs against the backdrop of significant advancements such as Telegram’s TON rewards program.
• ETH whale sold its shares to purchase TON, according to on-chain statistics.
• Bulls can push the rally to $5.38 if the TON price stays over $4.0.

In the past day, Toncoin—the native cryptocurrency of the Telegram Open Network (TON)—has surged 25%, reaching a new all-time high of $4.45. With a market size of $15 billion, the price of Toncoin (TON) is currently trading at $4.31, an increase of 16.31%. Curiously, the amount of money traded in a single day has also increased by 30%, reaching $354 million.

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Why Is Toncoin’s (TON) Price Climbing?

There is growing excitement about the future price trajectory of TON because to the noticeable and constant association between price movements and trading volume. Additionally, half of the earnings could be shared with Telegram channel owners, according to the most recent release.

The statement states that Telegram would use Toncoin on the TON Blockchain to distribute prizes. As of now, channel owners will get half of the ad income that the company makes on their channels.

The Open League and other successful projects inside the TON blockchain ecosystem are also contributing to Toncoin’s growth. The astounding 70% increase in user engagement and 60% surge in Total Value Locked (TVL) indicate that TON Raffles has grown impressively. The TON Foundation has launched a substantial airdrop scheme to reward its accomplishments; all TON Raffles token holders will get 1 TON.

Lookonchain, an on-chain data provider, also noticed that a 30% increase in TONcoin’s price occurred at the same time as a noteworthy transaction was recorded on the blockchain. Lookonchain discovered a large transaction involving a whale investor who bought 209,237 TONcoin tokens for 214 Ethereum, which is almost $858,000 USD. At the price of $4.1 per TONcoin, this transaction happened on the blockchain.

The substantial investment made by the whale investor highlights the increasing enthusiasm and trust in TONcoin, which has led to a significant surge in its market value.

Price Action Ahead for TON

Presently, 95% of TON Coin holders are reporting earnings. If these investors aren’t planning to cash out soon, it’s because they have lofty goals for the future. The FLOKI Token followed a same path, staying at a 95% profit level before doubling in price.

On the other hand, you should probably plan for the prospect of selling pressure. Warn of danger due to 37% price increase. Looking at the four-hour chart, it looks like there’s a short-term uptrend in prices.

Support levels for TON Coin in the past have been at $2.6 and $2.38. Prices might fall to these levels if there’s a possible sell-off. But if this upward momentum continues, a closing above $4 might set off a fresh upward trend that could take us all the way to $5.8.

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