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Toncoin (TON), which is the native token of the Telegram ecosystem continues to make bullish waves. Currently priced at $7.18 and though a slight dip of 2.01% in the last 24 hours, TON is currently in an uptrend on the larger timeframe. However, this minor setback hasn't dampened the overall bullish sentiment surrounding the token. Its market cap currently is at $18.0 billion while its trading volume has dropped to $214 million in the last 24 hours.
OKX recently announced the integration of Toncoin into its wallet marking a significant milestone for the project. This move comes as TON celebrates its inclusion as one of the 100 supported protocols on the OKX platform. The integration is a great achievement to TON growing popularity and strong community support.
Haider Rafique who is the OKX Chief Marketing Officer explained the rationale behind the integration citing TON's substantial market demand and high user engagement. Data from CoinMarketCap reveals that TON is currently the eighth most traded altcoin on OKX trailing only behind major trading pairs like BTCUSD and SOLUSD.
The integration brings several benefits to users including enhanced support for diverse blockchain networks, increased opportunities for network incentives and access to gamified programs. OKX focus on user engagement signals ongoing improvements in the platform features.
From a technical point of analysis TON has shown impressive performance since hitting a low of $4.6 at the start of an ascending trendline. It then rallied 80% to test a fresh all-time high of $8.28 on June 15th. After a brief pullback to $6.38 filling a fair value gap on the chart the price is now trending upwards towards a potential new all-time high.
The daily RSI currently sits at 47 indicating room for further bullish momentum before reaching overbought territory. The 100-day Moving Average at $6.59 is acting as support while the 200-day Moving Average provides strong support at $4.88.
TON price action shows it trading towards a rising wedge that recently broke down. However with the token just slightly below its all-time high bulls may be gearing up for a push to new heights. The next key target lies around $8.2 all-time high where a horizontal line and trendline converge.
On chain metrics show an equally bullish picture. Data from DeFiLlama shows that the Total Value Locked (TVL) in TON based protocols has hit $743.65 million today. This surge in TVL indicates growing confidence in the TON ecosystem and increased adoption of its DeFi applications.
The recent developments and technicals point that TON may be potent for further growth.
