- TON has risen over 4% in the past 24 hours
- Market indicators point to trend reversal in coming days
ton coin [TON] It made a comeback and entered the top 10, once again creating a buzz in the virtual currency community. avalanche [AVAX] in ranking. The main driver of the price increase is the recent integration between popular messaging platforms Telegram and TON.
Toncoin returns to top 10 clubs
While most cryptocurrencies were struggling to paint their daily charts green due to market conditions, TON was somewhat isolated from the rest of the market.
according to coin market cap, Toncoin’s price rose more than 4% in the past 24 hours alone, contributing to its entry into the top 10 list. As of this writing, TON is trading at $5.4 and has a market capitalization of over $18.7 billion, making it the 10th largest cryptocurrency.
The good news is that trading volume increased by 40% as the price rose, providing the basis for the surge.
Although several factors could be at play, the main reason behind this bull run could be Toncoin’s latest integration with Telegram. For initiators, Telegram launched his TON payments for advertisers and cryptocurrency payments for content creators on the platform a few days ago.
Immediately after Telegram’s announcement, blockchain network activity spiked with 156,000 active TON wallets registered, which looked promising.
Will Toncoin be able to maintain this lead?
With TON overturning AVAX to become the 10th ranked cryptocurrency, AMBCrypto planned to check the indicators to see if the token could manage to maintain this upward price trend. We found that the supply of TON off-exchanges increased on April 4th after decreasing. This happened while the supply of tokens on exchanges was decreasing. This shows that there is increasing buying pressure on Toncoin.
Source: Santiment
However, the whales did not have enough confidence in TON. That was evidenced by the decreasing supply of her TON held by top addresses. Interestingly, despite the recent price rally, TON’s weighted sentiment remains in the negative zone, implying that bearish sentiment is predominant.
Reflecting TON’s decline in popularity, social volume has also plummeted in recent days.
Source: Santiment
read Toncoins [TON] price prediction 2024-25
Next, we looked at the technical indicators for TON to see what they were suggesting. We found that the Relative Strength Index (RSI) recorded a sharp rise, suggesting sustained price increases.
However, if the graph enters the overbought zone, it can contribute to increased selling pressure, which could result in a price correction. In fact, the MACD had already tipped the scales in favor of sellers as it predicted a bearish advantage in the market.
Source: TradingView
