Flow

2024

Toncoin

Momentum

<ul>
 <li>Toncoin has surged 12% over the last 24 hours, sustaining its spot as the ninth-largest capped crypto.</li>
 <li>Crypto VC firm Pantera Capital has announced its investment in the TON Network, with figures undisclosed.</li>
</ul>
TON (The Open Network), the Telegram-linked L1 ecosystem, registers an impressive growth of 1182% in TVL (total value locked) over Q1 2024 — from $13.79 million in January to $176.87 million till date. The ecosystem also recorded remarkable spikes in various metrics in recent months.
The initiation of The Open League, integration of stablecoin Tether (USDT), and other rewarding <a href="https://thenewscrypto.com/ton-foundation-announces-600k-airdrop-for-nft-traders-and-holders/" target="_blank" rel="noopener noreferrer nofollow">airdrops</a> in April line up as factors that catalyzed the ecosystem’s traction and growth. As per Santiment, the wallets across the network <a href="https://twitter.com/santimentfeed/status/1786226227873042568" target="_blank" rel="noopener noreferrer nofollow">surged</a> 110% in the past 6 months to 16.8K wallets.
April saw a 90% <a href="https://x.com/ton_blockchain/status/1785376465078362621" target="_blank" rel="noopener noreferrer nofollow">increase</a> in the count of smart contract deployments on TON, highlighting the increased developers’ activity. TON has seen the deployment of over 300 projects to date, with a significant portion being applications integrated with Telegram, a cloud messaging platform with 900 million monthly active users (MAU).
Notably, over the past 24 hours, Toncoin, the native token, has surged 12%, reaching back into the $5 range. This bullish rally emerged on the charts after the announcement of crypto VC firm Pantera Capital’s investment in the TON ecosystem. Time to examine the ecosystem’s token performance in the <a href="https://thenewscrypto.com/crypto-options-market-braces-for-massive-expiration-as-btc-and-eth-fluctuate/" target="_blank" rel="noopener noreferrer nofollow">market</a>.
<h3 class="wp-block-heading" id="h-will-ton-sustain-its-momentum-or-face-correction">Will TON Sustain its Momentum or Face Correction?</h3>
In April, Toncoin rallied to hit its all-time high (ATH) of $7.65. But the momentum was short-lived, as the altcoin gradually began falling and bottomed at $4.6 on Wednesday. The 24-hour price gain catalyzed the altcoin’s entry into the $5.3 zone. But will it test and onboard an upward trend?
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="461" src="https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-1024x461.png" alt="" class="wp-image-97451" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-1024x461.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-300x135.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-768x346.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-1536x691.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33.png 1915w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">TON/USDT 24H Price Chart (Source: <a href="https://in.tradingview.com/symbols/TONUSDT/?exchange=BYBIT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Let’s analyze the daily price chart of Toncoin (TON). As per the TradingView data, the RSI is nearing the neutral zone — currently at 47-48. The trading volume displays consolidated levels. On the other hand, the Chaikin Money Flow (CMF) oscillator is still below 0 indicating a decline in the money flow.
As per TheNewsCrypto’s <a href="https://www.tradingview.com/x/WWFPXAim/" target="_blank" rel="noopener noreferrer nofollow">analysis</a>, TON’s price action demonstrates a falling wedge pattern, suggesting a bullish outlook. If this bullish momentum persists, TON is likely to test and break the resistance level of $5.407.
At the time of writing, according to CoinMarketCap data, Toncoin traded at $5.38 with a 24-hour trading volume of $233 million. Over 3.47 billion TON currently stands with a market cap of $18.7 billion.

Telegram-linked TON Ecosystem’s TVL Soars 1182% in Q1 2024

Table of Contents

TheNewsCrypto

Other articles published on May 3, 2024

Proof of Security Summit Dubai: A Resounding Success in Fostering Secure Web3 Innovation

Popcat Price Prediction: POPCAT Pumps 15%, But Is This New Solana Meme Coin The Next WIF, BONK, O...

AI sets Solana price for May 31, 2024

SHIB, BONK, WIF's Sudden Price Jumps; What's Behind Them?

AI Cannot Flourish Without Human Knowledge – Compensation for the Original Creators is a Must

Dogecoin Outperforms Major Altcoins Amid Surging Whale Activity and Wallet Growth

Join our free newsletter for daily crypto updates!