News, Price Analysis

Why Toncoin (TON) Price is Surging?

Interestingly, after breaking a long consolidation, Toncoin has shown its strength since January. Price has risen 272% since then, reaching $7.5 highs. This has created significant buying pressure, keeping the token on an uptrend when the larger tokens are bearish.

Will Ton go higher than this? If so, can we expect an all-time high in the double digits this month?

The price of Toncoin increased by a staggering 250% in less than two months, from late February to early April. TON boasts a market cap exceeding $24 billion, marking a remarkable 200% rise since the beginning of the year. 

Pantera Capital’s Significant Investment

Pantera Capital, a prominent venture capital firm, boosted TON’s expectations with over $4 billion investment in TON and its ecosystem. While the exact investment amount remains undisclosed, Pantera’s confidence in TON’s potential is evident, particularly considering its collaboration with Telegram, boasting 900 million users, potentially positioning TON as one of the most widely-used blockchain networks globally.

Rise of Notcoin

Next up which made a buzz in TON’s network is the upcoming launch of Notcoin’s $NOT token, scheduled in less than a week and already listed on major exchanges like Binance, has generated significant buzz. Notcoin, an interactive game based on Telegram, will utilize the TON blockchain for its token. With nearly 35 million users engaging in the game, the anticipation surrounding Notcoin has contributed to the overall excitement surrounding the TON ecosystem, potentially influencing TON’s recent surge.

Support from Telegram’s Founder, Pavel Durov

A million-dollar partnership boosting confidence in TON. Pavel Durov, the founder of Telegram, has been increasingly vocal about the Ton ecosystem, particularly during his appearance at Dubai’s Token2049 event. Durov’s announcements regarding the integration of Ton within Telegram, including features like tokenizing stickers and emojis, have bolstered investor confidence in the relationship between Ton and Telegram, potentially driving TON’s recent uptrend.

TON’s Current Market Snapshot 

Looking at TON’s price the projections are bullish. Toncoin recently experienced a healthy correction, reaching a 50% retracement, indicating strong buyer dominance in the market. Its breakout from a wedge pattern suggests the correction’s end, with trading volume up 84% to $778.6 million.

Notably, Toncoin’s recovery aligns with the broader cryptocurrency market trend, with a 44% gain within two weeks. The breakout from the pattern’s trendline signals a potential rally, targeting $9.23 and $22.5. Key resistance levels are at $7.67, $10, and $15, while technical indicators show a shift to bullish sentiment. 

What do you think will TON hit a new ATH in May?

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