Amid speculation surrounding Telegram’s potential Initial Public Offering (IPO), the cryptocurrency market witnesses a notable surge in the price of TON tokens. According to data provided by Spot On Chain, a leading blockchain analytics platform, the price of TON experiences a significant uptick of 26% within 24 hours, capturing the attention of investors worldwide.
Notably, an investor identified as Whale 0x1ee demonstrates confidence in TON’s prospects by allocating a staggering $852K towards acquiring 209,237 TON tokens at an approximate value of $4.07 each over the past 25 hours. Spot On Chain’s analysis further unveils that Whale 0x1ee currently stands to profit an estimated $2.48M from trading 6 out of 9 TON tokens, boasting an impressive win rate of 66.6%.
In addition, Lookonchain reports a notable surge in TON’s value, which is up nearly 30% today. A significant transaction of 214 ETH, equivalent to $858K, was observed as a whale acquired 209,237 TON tokens at $4.1 each. The purchase signals a bullish sentiment towards TON, reflecting investor confidence in its potential. Notably, this substantial investment hints at strategic positioning within the market.
Toncoin has experienced an impressive surge, reaching an all-time high of $4.50, marking a significant milestone for the cryptocurrency. Currently, TON at $4.35 represents a gain of 20% within the past 24 hours, propelling Toncoin’s market capitalization above the $15 billion mark. Investors have shown escalating confidence and interest in Toncoin’s potential, as evidenced by a remarkable 15% growth in transaction volume, totaling $387 million.
Following a period of consolidation around the $2 mark, Toncoin witnessed a parabolic surge, surpassing the $4 mark and setting a new all-time high. This upward momentum was driven by Toncoin’s ability to breach significant resistance levels, notably crossing the $3.00 barrier. The surge in Toncoin’s price mirrored the trajectory of Bitcoin, setting a new ATH and the broader cryptocurrency market surge.
If Bulls manage to maintain Toncoin’s position above the ascending channel’s upper resistance level, the cryptocurrency is poised to target the upper resistance zone between $5.00 and $7.00 in the upcoming sessions. However, a failure to surpass the ascending channel’s upper resistance could potentially trigger a trend reversal, leading Toncoin’s price back towards its support level of $3.00.
Technical indicators reflect a robust bullish momentum in the TON market. The Relative Strength Index is currently hovering in the overbought region with a value of 88. The uptick in RSI suggests an intense buying pressure in the market. However, TON could experience a correction if the current trend doesn’t hold. Moreover, the MACD indicator aligns with the price surge as the MACD line climbs further above the signal line, and the histogram remains positive.
