After a strong rally over the past week, crypto market analysts believe that Toncoin could enter a consolidation phase between $6.50 and $6.75.
Toncoin (TON), the popular cryptocurrency linked with the Telegram messaging app, hit its new all-time high shooting past $7 and unseating Cardano’s ADA for the ninth spot in the top-ten crypto list. Besides, Toncoin has also outperformed the rest of the altcoin space with 30% weekly gains.
As of now, Toncoin’s market cap stands at a staggering $23.6 billion while challenging its next immediate competitor Dogecoin (DOGE). However, the TON price has witnessed some pullback from $7 and is currently trading at $6.5 levels.
After a strong rally over the past week, crypto market analysts believe that Toncoin could enter a consolidation phase between $6.50 and $6.75. Crypto trader Paxton stated:
“Bulls need to break above resistance and reclaim $6.75 for a potential run. Bears watch for a break below support and a test of $6.50. Volume is key for direction!”
On the other hand, Cardano (ADA) continues to face selling pressure. After losing the support of $0.60, the ADA price is heading towards its next support of $0.55.
What’s Behind the Toncoin Price Rally?
Since the beginning of 2024, the Toncoin price has rallied by a staggering 210% which comes on the backdrop of several key developments taking place in the Toncoin ecosystem. Some of the recent initiatives such as the self-custody TON wallet and revenue-sharing programs have led to the recent price surge.
To contribute further to TON’s success, the messaging app Telegram recently introduced the revenue sharing program on March 31, 2024. As part of this initiative, Telegram channel owners will earn 50% of ad revenue. Telegram has introduced an innovative form of advertisement that can be acquired using TON to streamline this process.
The Telegram team had officially announced that the reason behind choosing the TON blockchain was because of its low transaction fee and fast processing speeds.
The network’s ecosystem is set to grow further with the upcoming launch of Notcoin‘s token along with a substantial rewards program.
Additionally, TON has garnered substantial support from Mirana Ventures, a prominent global Web3 investment company. In early March, Mirana revealed an $8 million secondary market acquisition of Toncoin and established a long-term partnership with TON, citing its distinctive advantage stemming from its integration with Telegram. Mirana is dedicated to nurturing Telegram’s Web3 SuperApp and exploring cross-chain partnerships.
Moreover, citing strong demand for Toncoin, top crypto exchanges like Binance have started offering perpetual futures contracts for the TON cryptocurrency with a staggering 50x leverage.
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