Why is Toncoin (TON) Rising?
Those who glance at the list of top cryptocurrencies can’t believe their eyes. The throne of Solana has been toppled. TON Coin has skyrocketed this week with an increase of nearly 40%, ranking among the top 10 cryptocurrencies. Why has TON Coin gained so much attention with a quiet rise in a bear market?
Toncoin (TON), the native cryptocurrency of The Open Network, experienced a significant price rally following its recent partnership with the messaging application Telegram. TON price reached $2.50. At the time of writing, TON Coin had a market capitalization of $8.2 billion and was being traded at $2.38. With the recent price increase, Toncoin surpassed Solana and became the ninth largest cryptocurrency by market value.
Despite severing official ties with Telegram due to legal risks, the project is still under the control of the same team. Moreover, Toncoin, which integrates with Telegram, has pioneered many major innovations for the application, including username sales from wallets.
Is TON Coin Worth Buying? Price Target
If the bulls can keep the price above $2.66, the psychological barrier of $3 can easily be surpassed. However, in the opposite scenario, if the closing price falls below $1.95, the throne will be returned to SOL Coin. The downside target in the bearish scenario is $1.63. Despite generally bearish market conditions, TON’s price stands out with strong upward momentum. If the Federal Reserve meeting goes better than expected this week, TON Coin, fueled by the tailwind, can aim for new targets.
The RSI indicator is in the overbought zone, indicating that profit-taking could start soon. If the RSI drops below 70, it could accelerate the decline. For investors, the key focus on the TON Coin front will be whether the momentum continues.
The future will show whether the excitement brought by the integration with Telegram’s crypto wallet Ton Space will continue. Telegram, known for its large user base, may announce more collaborations in the future, which appears positive for the long-term performance of the price. But could there be any legal repercussions for this secret partnership? This is an important detail, especially with Russia on the agenda. Investors need to take this risk into account.
