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Can TON Leverage $700 Million TVL To Hit New High? – Crypto News

Published

2 years ago

June 30, 2024

Dripp

Toncoin Price Analysis: On the weekend, the cryptocurrency market remains neutral, projecting no clear dominance from buyers to sellers. Following the Bitcoin consolidation over $60000 support, most major altcoins showcase sluggish price behaviors the whole week waiting for a better reversal signal. Amid the uncertainty, the TON price trades on a slightly positive note attempting a breakout from the $7.6 resistance to regain bullish momentum.

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Toncoin Price Analysis: TON Sees 113% TVL Growth and Key Regulatory Approval

OKX:TONUSDT Chart Image — Toncoin Price Analysis| Tradingview

Despite the June market downturn, Toncoin maintained its bullish momentum, rising from a monthly low of $6.275 to a trading price of $7.68, registering a 22.5% increase. This rally was driven by a surge in network activity, broader adoption, and the introduction of Play-to-Earn games on Telegram, all of which played crucial roles in its recovery.

Recently, the Astana Financial Services Authority (AFSA) has officially approved Toncoin (TON) for trading in Kazakhstan, following a comprehensive review that confirmed its compliance with regulatory standards.

This inclusion is expected to attract a new wave of institutional and retail investors, providing them with secure and transparent trading options within the regulated environment of the AIFC.

In a recent tweet, renowned trader Alicharts highlighted a surge in Toncoin investments, revealing that whales have purchased over 45 million TON valued at around $346.5 million over the past week. This accumulation accentuates strong investor confidence in the future potential of this asset.

Whales have bought more than 45 million #Toncoin $TON over the past week, worth around $346.5 million! pic.twitter.com/P3UKHHjHcU

— Ali (@ali_charts) June 30, 2024

By press time, the Toncoin trades at $7.66 and maintains its position as the eighth largest cryptocurrency with a market cap of $18.84 Billion.

Additionally, the Total Value Locked (TVL) on the Toncoin Network has continued to expand, reaching $700 million on Sunday, according to DefiLlama data. With a substantial 113.41% increase in TVL in June, the network demonstrates robust growth and increasing adoption among market participants.

Total Value Locked

With a modest intraday gain of 1.4%, the TON price is heading high to soon challenge immediate resistance of $7.86.

If buyers flip the overhead resistance into suitable support, the Toncoin could surpass $8.28 and target the $9 mark, followed by $10.5.

However, if the market supply pressure persists, the TON price could plunge 4-.5% and seek support at the ascending trendline since mid-March. The dynamic support bolsters buyers with suitable accumulation points and stable higher-low formation.

Technical Indicator

EMA: The coin price trading above the fast-moving 20D and 50D Exponential Moving Averages indicates the buyers are still active toward the asset.
ADX: The Average Directional Index slope falls to 11.5% indicating the ongoing consolidation has stabilized the price after the last rally, which is favorable for a fresh recovery trend.

Frequently Asked Questions (FAQs)

Regulatory approval from the Astana Financial Services Authority (AFSA) significantly impacts Toncoin by providing a formal and secure framework for trading within Kazakhstan

Total Value Locked (TVL) refers to the total amount of assets that are currently being held within a blockchain network’s smart contracts. This metric is crucial as it reflects the overall health and growth potential of the network.

Trading above the 20-day and 50-day Exponential Moving Averages (EMAs) indicates that Toncoin is currently in a strong upward momentum in the short to medium-term.

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