Toncoin (TON), the cryptocurrency closely linked to the Telegram network, has experienced significant price growth, rising 4.2% to $6.47 during Monday's US trading session. This upward movement signals a bullish start to the week, suggesting potential market stabilization as altcoins like Toncoin recover from losses incurred during July's correction.
While Bitcoin struggles to break the $60,000 resistance level, Toncoin demonstrates strong growth driven by recent exchange listings and a substantial increase in on-chain activity.
Binance Listing Fuels Toncoin's Momentum
A major catalyst behind Toncoin's recent price surge is its listing on Binance, one of the world's leading cryptocurrency exchanges. On August 8, Binance introduced TON trading pairs, including TON/BTC, TON/USDT, and TON/FDUSD. This milestone significantly boosted Toncoin's visibility and accessibility in the broader market.
Since the Binance listing, Toncoin's price has climbed 18% to $6.4, pushing its market capitalization to $16.2 billion. This growth reflects rising interest and investment in the Toncoin ecosystem.
On-Chain Activity Signals Rapid Adoption
Beyond price appreciation, Toncoin has shown remarkable improvements in on-chain metrics, underscoring its strong performance in 2024. According to Coingape, the number of addresses holding Toncoin skyrocketed by 997%, from 3.6 million on January 1 to 39.5 million today.
This rapid increase in active addresses highlights expanding adoption and network activity, positioning TON as one of the fastest-growing blockchains.
👉 Why Toncoin's growth is outpacing other altcoins
Technical Analysis Points to Potential Upside
From a technical perspective, Toncoin's price chart in early August displayed a V-shaped recovery, rebounding from $4.72 to a peak of $6.8—a 44.6% increase. Although prices have slightly retracted since then, the formation of an inverted head-and-shoulders pattern on the daily chart suggests a potential bullish reversal.
This chart pattern, characterized by three troughs with the middle one being the deepest, often signals a trend reversal from bearish to bullish. The recent crossover between the MACD line (blue) and the signal line (orange) further supports this outlook, indicating renewed momentum for Toncoin.
If this reversal holds, Toncoin could break through the $6.86 resistance level, paving the way for a 32% rally toward $9.
Key Risks to Watch
However, investors should remain cautious. Failure to hold the $6 support level could trigger a sharp decline, potentially pushing prices down 27% to $4.7.
FAQs
Q: What’s driving Toncoin’s price surge?
A: Factors include its Binance listing, growing on-chain activity, and technical bullishness.
Q: Can Toncoin reach $9?
A: If the inverted head-and-shoulders pattern holds, a 32% rally to $9 is possible.
Q: What are the risks?
A: Losing the $6 support may lead to a 27% drop to $4.7.
Disclaimer: This content is for informational purposes only and does not constitute financial advice.