NewsletterToncoin Topples Solana In Recent Rally, TON Price Target At $3
Toncoin (TON), the native cryptocurrency of The Open Network, has entered a significant price rally, after its recent partnership with Telegram. The TON price has rallied all the way to $2.50 and is currently eyeing the next milestone of $3.
As of press time, TON is trading at a price of 12.21% at $2.38 with a market cap of $8.2 billion. With the recent price surge, Toncoin has toppled the likes of Solana to become the ninth-largest cryptocurrency by market cap. If the TON price rally continues to $3, it can even overtake Cardano during the recent surge.
Over the last week, the TON price has surged by more than 35%, while it has gained over 66% over the last month. If the bulls can push the price past the $2.66 level, there’s a good chance it could rally up to the $3 mark. However, if the price falls below the $1.95 support level, it may test the next support at $1.63. Despite the generally bearish market conditions, TON’s price has shown remarkable resilience with a strong bullish momentum.
Additionally, the TON/USD price is in an overbought condition, as evidenced by the stochastic RSI, which is currently below its signal line at 85.71. This situation could lead to a short-term decline or a phase of market consolidation as traders either take profits or look for a more favorable entry point.
Furthermore, should the stochastic RSI fall below the 70 threshold, it could indicate a weakening of bullish momentum and potentially signify an impending reversal in the price trend.
Toncoin Telegram Partnership
The recent performance of Toncoin over the weekend was significantly influenced by its partnership with Telegram. Furthermore, the excitement surrounding Toncoin received a substantial boost with the announcement of Telegram’s integration of the crypto wallet Ton Space.
Telegram, known for its vast user base, has generated substantial enthusiasm among traders and investors through its collaboration with Toncoin. It will be interesting to see whether TON price breaks past
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