{"id":334551,"date":"2024-06-30T20:23:48","date_gmt":"2024-06-30T14:53:48","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=334551"},"modified":"2024-06-30T20:23:48","modified_gmt":"2024-06-30T14:53:48","slug":"can-ton-leverage-700-million-tvl-to-hit-new-high-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/can-ton-leverage-700-million-tvl-to-hit-new-high-crypto-news\/","title":{"rendered":"Can TON Leverage $700 Million TVL To Hit New High? – Crypto News"},"content":{"rendered":"

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Toncoin Price Analysis: On the weekend, the cryptocurrency market remains neutral, projecting no clear dominance from buyers to sellers. Following the Bitcoin<\/a> 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.<\/span><\/p>\n

Also Read: Bitcoin In Spotlight With Michael Dell\u2019s Latest Poll, Is Dell Going Big On BTC?<\/a><\/p>\n

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Toncoin Price Analysis: TON Sees 113% TVL Growth and Key Regulatory Approval<\/b><\/h2>\n
\"OKX:TONUSDT
Toncoin Price Analysis| Tradingview<\/figcaption><\/figure>\n

Despite the June market downturn, Toncoin<\/a> 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.<\/span><\/p>\n

Recently, the Astana Financial Services Authority (AFSA<\/a>) has officially approved Toncoin (TON) for trading in Kazakhstan, following a comprehensive review that confirmed its compliance with regulatory standards.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

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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.<\/p>\n

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

\u2014 Ali (@ali_charts) June 30, 2024<\/a><\/p>\n<\/blockquote>\n

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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.<\/span><\/p>\n<\/blockquote>\n

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.<\/span><\/p>\n

\"Total\"Total<\/p>\n

With a modest intraday gain of 1.4%, the TON price<\/a> is heading high to soon challenge immediate resistance of $7.86.\u00a0<\/span><\/p>\n

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If buyers flip the overhead resistance into suitable support, the Toncoin could surpass $8.28 and target the $9 mark, followed by $10.5.<\/span><\/p>\n

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.<\/span><\/p>\n

Technical Indicator\u00a0<\/b><\/h2>\n