In the realm of cryptocurrency, while Bitcoin exhibits price volatility, TON Coin, supported by the messaging platform Telegram, has soared approximately 37% in a single day. Altcoin investors are strategically selling to reap profits, anticipating potential declines in Bitcoin’s value. TON Coin, currently trading around $4, is gaining traction among investors, with its daily trading volumes reaching new heights, surpassing the previous week’s record.
Increasing Trade Activity Boosts TON Coin
Despite no significant events catalyzing the surge, ongoing activities and updates are contributing to investor interest. One such announcement involves Telegram proposing to share half of its advertising revenue with channel owners through Toncoin on the TON Blockchain. Market dynamics, characterized by shifting liquidity and occasional spikes in altcoin values, suggest this could be a typical pattern during bullish trends.
Investor Confidence and Price Trajectory
Currently, a vast majority of TON Coin holders are in the green, and if the trend of holding rather than selling persists, it could signal a push for new highs, akin to the previous FLOKI Token‘s performance. However, investors remain vigilant, considering the potential for profit-taking following the significant rise. The four-hour chart displays a bullish trend, yet a sell-off could bring prices down to previously established support levels.
TON Coin’s support has been found around $2.6 and $2.38, but continued momentum and sustained closures above $4 could pave the way for a challenge of the $5.8 mark. Meanwhile, Bitcoin’s price hovers at $71,400, with the imminent close of the daily market, and with the opening of Asian markets, a significant price movement is possible in any direction.