Toncoin, a rising star in the cryptocurrency market, has continued its impressive performance in recent months despite encountering resistance at the $6 mark. However, analysts believe that the underlying fundamentals of Toncoin are strengthening, fueling optimism among investors. In the last 24 hours, TON has dropped by 4%, but bulls appear to be retaking control as buying volumes rise. As of 08:58 UTC, TON was trading at $5.93.
TON Blockchain TVL Hits $200 Million
A key indicator of Toncoin’s robust fundamentals is its Total Value Locked (TVL) on the Ton blockchain, which has now surpassed the $200 million milestone. According to a tweet by the Ton network, the TVL stood at $22.9 million when the TONOpenLeague initiative commenced on March 1st. Since then, the TVL has skyrocketed by an astounding 900%, reaching $206.74 million. This substantial growth underscores the increasing adoption of the Ton blockchain for launching decentralized applications (DApps).
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🔥 TON DeFi is on Fire! 🔥$TON just crossed $200M Total Value Locked (TVL)
When @TONOpenLeague began @ March 1st. TVL stood at $22.9million. Since then TVL has grown 900% to $206.74 Million.
Time to Double Down.
JOIN https://t.co/oW0WjBJ8KB pic.twitter.com/AU5t7PZXvp
— TON 💎 (@ton_blockchain) May 6, 2024
TON Open League Program Incentivizing Growth
The TONOpenLeague is an incentive program that drives participation within the Ton ecosystem. With a prize pool of 30 million Toncoin allocated over three months, participants compete in competitions such as the App Battle, Token Battle, and Memecoin Battle. The diverse range of competitions encourages innovation and engagement within the Ton community, further solidifying its position in the crypto space.
Meme Coins Exploding On Ton Blockchain
The proliferation of meme coins on the Ton blockchain has contributed to the anticipation of further growth in TVL. Analysts suggest that the TVL could double in the coming months, driven by increased demand for meme coins and other decentralized applications. This heightened activity is expected to positively impact the price of Toncoin as investor confidence in the ecosystem grows.
Broader Market Looking Bullish
Toncoin’s bullish outlook is further supported by the broader market trends, particularly the recent rally in Bitcoin prices. Last week, Bitcoin faced resistance at around $56,800 before embarking on a remarkable surge that saw it reach $65,000. This bullish momentum across the cryptocurrency market has created favorable conditions for high-value altcoins like Toncoin to thrive. Investors seeking stability and value growth increasingly turn to projects with strong fundamentals, making Toncoin an attractive investment option.
Future Looks Bright
The convergence of strengthening fundamentals, growing adoption, and favorable market sentiment positions Toncoin for significant price appreciation in the near term. Analysts believe the odds of Toncoin doubling in price within a short timeframe are high, making it an enticing opportunity for investors looking to capitalize on the crypto market’s bullish momentum.
TON Bulls Gaining Strength After Key Intra-day Support Holds
Ton has been downtrend after the bulls lost the market at $6.20. However, in the last few hours, an increase in buying volumes has seen TON establish strong support at $5.778. An increase in buying volumes has seen TON bounce off this support with high volumes. If bulls sustain this momentum, the critical level to watch would be yesterday’s high of $6.20, now a vital intra-day resistance level. If bulls can gain enough momentum to push TON through this resistance, then prices as high as $7 could be hit within the day.
However, if buying volumes drop, two things could happen in the day. One is a possible consolidation between the day’s support at $5.778 and $6. The other scenario is where selling volumes increase, and bears can push TON through the $5.77 intra-day support. In such a scenario, TON could drop to $5.46, a minor support level in the day.
Which Way For TON Today?
While multiple scenarios can play out today, the case is stronger for TON to push through the $6.20 resistance. That’s because the sell-off that started yesterday appears weak. This is evident because TON has formed a solid intra-day support at $5.77, and bulls seem to be retaking the market.
There is also the fact that the broader market appears to be stabilizing after yesterday’s slight correction. The result is that a bullish continuation could be underway across the market, a factor that could see TON head higher in the day.
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