Toncoin (TON) is hosting significant price movements recently due to its association with Telegram. The token’s market value increase has caught the attention of investors, turning their eyes to the project. Could this recent surge potentially place TON among the top 10 tokens soon?
Toncoin’s Momentum
According to the latest data, TON has experienced an increase of over 20% in the last 24 hours, outperforming the top 10 listed cryptocurrencies.
As of the time of writing, TON had a market value of over 12 billion dollars and was trading at $3.60. This price increase has clearly reflected in social dominance and positive sentiment, making TON a hot topic of discussion in the crypto space.
On the other hand, the price increase also reflected in a 350% rise in the 24-hour trading volume, indicating active buying and selling of the token by investors.
If the growth rate continues in this impressive manner, TON could soon move into the top 10. Depending on this situation, TON would need to surpass cryptocurrencies like SHIB, Dogecoin, or Cardano, which are currently in the 10th, 9th, and 8th positions respectively.
Investors Continue to Buy Toncoin
While the price is rising, Santiment data provides significant insight into what TON’s metrics indicate. There was a notable exchange outflow for TON, which could be interpreted as high buying pressure on the token.
This situation caused a decrease in supply on exchanges, while the supply outside of exchanges showed an increase in the last 24 hours. Whale activity specific to the token also remained high throughout the day. Another supporting factor for the rise was the increase in the MVRV ratio.
Additionally, there was an increase in Toncoin’s long/short ratio. This could be interpreted as a growing preference for buying and holding assets in a bull market.
Taking a closer look at TON’s price, the appearance of the Relative Strength Index (RSI) was noteworthy. At the time of writing, the RSI value was near the 70 level at 67.27, which could be interpreted as nearing overbought territory.
The increase in short positions and the RSI value suggest that selling pressure could rise, while there is also talk of a potential correction in TON’s bull rally.
