Will Toncoin Price Hit $10 After Recent 20% Rally?

Toncoin price, a Telegram-affiliated altcoin, has experienced significant growth amid widespread market optimism this month. Recent trends reveal TON is making strides toward the $10 mark, driven by increasing bullish momentum and heightened trading activity. The cryptocurrency’s upward trajectory mirrors the broader crypto market rally, showcasing notable gains across multiple digital assets.

Can Toncoin Price Surpass $10 After Recent Gains?

Toncoin price has gained significant momentum recently, breaking past $6 after months of subdued activity. The cryptocurrency surged 15% over the past week, with an impressive 20% jump just today.

This rapid rise is attributed to Toncoin’s listing on the largest stock exchange in South Korea and its strategic expansion into the U.S. market. These moves have increased investor confidence, fueling demand and pushing prices higher.

The broader crypto market also witnessed bullish trends on Saturday, driving a wave of optimism globally. Bitcoin remains stable at $98,000, while altcoins, including Toncoin, continue to show upward momentum.

TON Price Surges 10% Amid Bullish Momentum

The latest TON price has shown a remarkable surge, climbing 20% within the past day. The cryptocurrency is now valued at $6.40, with its price performance displaying significant momentum. TONcoin reached an intraday high of $6.58, signaling a strong bullish trend.

Despite its recent gains, TON remains 20.91% below its all-time high of $8.24, recorded on June 15, 2024. However, the token has achieved a staggering increase of 1567.46% since its all-time low of $0.3906 on September 20, 2021.

The layer 1 maintains bullish momentum, with market conditions pushing prices upward despite resistance at the $7 mark. The cryptocurrency recently faced rejection at this price level, highlighting challenges in sustaining its upward trajectory.

Toncoin could overcome this hurdle if buyers increase pressure and extend its rally. Potential targets include $9 and $10, representing nearly a 50% surge from current levels. The Relative Strength Index (RSI), currently at 71, indicates that Toncoin is in the overbought region. 

Toncoin Price Chart: TradingView

According to Coinglass, Toncoin’s derivatives market has witnessed a remarkable surge in activity. The trading volume soared, indicating heightened investor interest in the cryptocurrency. Additionally, open interest in Toncoin climbed high. This rise reflects a growing number of active positions in the derivatives market, signaling robust engagement from traders.

Source- Coinglass

Toncoin’s recent rally showcases strong market momentum fueled by strategic expansions and bullish trends. While resistance at $7 poses challenges, increased investor interest and trading activity suggest potential for further growth, with $10 remaining an achievable target for TON enthusiasts.

The post Will Toncoin Price Hit $10 After Recent 20% Rally? appeared first on CoinGape.