Over the past 24 hours, TON has been bullish since finding support at an intra-day low of $7.14. At the time of writing, TON was trading at $7.30—a 2% increase from the intra-day low. From the rally, TON's market capitalization and 24-hour trading volume increased by 2.04% and 36.47%, reaching $18,307,674,713 and $264,786,202, respectively.
Toncoin has been quite remarkable in the market performance the whole of this year, increasing by 440% within the last 12 months. After the sharp drop early, where the price found support around $7.16, a pretty strong recovery came that is pressing it to around $7.35, an indicator of very strong buy-backs and trader sentiment.
The reason for such a performance from Toncoin is attached to its basis and expansion of the ecosystem. In its part, the parent company, Telegram, has emerged at the leading social media with almost a billion users.
Equally, the TON Blockchain has grown to occupy the 10th largest in the world, well ahead of Optimism, Sui, Cronos, and Mantle. The tap-to-earn extension also helped Toncoin, adding millions of users to applications like Hamster Kombat, TapSwap, and Notcoin. On-chain metrics show a steady rise in fee collection, increasing the volume of daily transactions, and growing numbers of active wallets, all indicating that adoption and network activity are going up.
Still, this ascending value faces some technical risks that would see a quick bearish reversal. The price developed a rising wedge pattern, which usually consists of two converging trendlines with lower volumes—typical for signaling bearish breakouts. If the price breaks down below this pattern, it may fall to about $5.
Toncoin is now trading within the range of $6.75 to $8.27, whereas the resistance is noted to be quite strong around $7.5. The daily RSI suggests bearish momentum, which would take the price toward the lower range of $6.75. However, with the Moving Average Convergence Divergence (MACD) moving in the positive region, bullish momentum may continue. The histogram, too is developing higher bars which is a sign of increasing buying pressure.
Since June, the OBV has shown signs of support, so there could still be some buying pressure for the coin in the recent bearish sentiment. If the bulls manage to defend this support at close to $6.75, there could be a retracement and an attempt to test higher levels of resistance.
The open interest for Toncoin hovers around $261 million, which has barely changed during the past few price swings indicating a lack of bullish view among futures traders. However, the spot CVD data indicates more buying pressure since July 9th, and that may indicate optimism from buyers.
Toncoin’s price is currently consolidating around the $7.30 mark, with traders accumulating positions. If the bulls can maintain the $7 support, Toncoin may see a renewed push towards higher resistance levels at $7.50 and beyond. Breaking these levels could attract more buyers and reaffirm the bullish trend.