Claim $500Toncoin Price Hits Monthly 38.5M TON Resistance; Correction To Continue?
Highlights
- Toncoin price retests the crucial $6.75 resistance level, supported by the distribution of 38.5 million TON across 3.56 million addresses.
- The Average Directional Index slope drop to 38% indicates a weakening bearish momentum.
- The recent price surge coinciding with a 20% spike in Total Value Locked (TVL) suggests a potential breakout.
Toncoin price surged 9% on Friday in the U.S. Trading hours, defying the crypto market downturn. The lack of follow-up from Bitcoin after Thursday’s rally has raised concern over the market for another pullback before market recovery resumes. Will TON buyers follow this plan or continue the forward March?
Toncoin Price Hints a Potential Reversal
The cryptocurrency market showed a notable recovery this week as a relief rally/cool-off reaction to the July market correction. While the Bitcoin price rallied from $49600 to $62700— a 26% increase, the altcoin market picked up higher momentum.
This scenario is reflected in the Toncoin price upswing from $4.73 to $6.7, which records 42% growth, while the market cap boosts to $16.93 Billion.
Additionally, a significant increase in Total Value Locked (TVL) supports the TON price rally. According to data from DefiLlama, the TVL rebounded from $485 million to $625 million this week, marking a 28% rise. Such a rise typically indicates growing investor confidence and increased capital flowing into the ecosystem, which can strengthen the underlying asset’s price.
This renewed growth in TVL, which played a key role in Toncoin’s recovery earlier in 2024, suggests that the current price momentum may be sustained, potentially leading to further gains.
Therefore, if the altcoin breaks above the overhead trendline with the daily candle closing, the buyers could drive a 24% surge to challenge the $8.29 All-time-high resistance.
However, as per the In/Out of the Money Around Price(IOMAP) on-chain metric, approximately 3.56 million addresses hold around 38.7M TON tokens, with an average purchase price of $6.58. This metric helps determine critical support and resistance levels, as large clusters of “in the money” addresses can provide strong support. In contrast, “out of the money” clusters may act as resistance during price movements.
Therefore, If the market sentiment remains cautious about a potential downturn, these aforementioned addresses could dump their tokens at breakeven, which may bolster the supply pressure in the future.
The 50-day Exponential Moving Average (EMA)slope wavering around the overhead trendline provides additional resistance against buyers.
Thus, a potential reversal could plummet the Toncoin price 28% down to retest multi-month support of $4.7.
Frequently Asked Questions (FAQs)
1. What factors are driving the recent surge in Toncoin price?
2. What challenges could prevent further gains for Toncoin?
3. What is a relief rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Toncoin
24 Hours volume
$70.49M
Market Cap
$3.94B
Max Supply
NA
Premium Partners
Related Articles
- Peter Schiff Warns Bitcoin Could Mirror Silver’s Rise In Reverse
- Trump Declares Tariffs Creating “Great Wealth” as Fed Rate Cut Odds Collapse to 14%
- Grok AI: Post-2020 Gold & Silver Peak Sparked Epic Gains in BTC, NASDAQ, and S&P
- Fed Pumps $2.5B Overnight—Will Crypto Market React?
- Crypto-Based Tokenized Commodities Near $4B Milestone as Gold and Silver Hit Record Highs
- Pi Network Price Holds $0.20 After 8.7M PI Unlock, 19M KYC Milestone-What’s Next?
- XRP Price Prediction Ahead of US Strategic Crypto Reserve
- Ethereum Price Prediction Ahead of the 2026 Glamsterdam Scaling Upgrade – Is $5,000 Back in Play?
- Cardano Price Eyes a 40% Surge as Key DeFi Metrics Soar After Midnight Token Launch
- FUNToken Price Surges After MEXC Lists $FUN/USDC Pair
- Bitcoin Price on Edge as $24B Options Expire on Boxing Day — Is $80K About to Crack?
