Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark

Toncoin has been on a remarkable, bullish streak over the past week, making significant gains of approximately 35% in its price, as depicted in the weekly chart. Starting at $1.62 on September 11, it reached an impressive high of $2.52 on September 16, 2023. This surge has propelled Toncoin to the 9th position on CoinMarketCap, with a market valuation of $7 billion.

Source: Coinmarketcap

The bullish trend gripping TON began on September 11, trading at $1.62. In just a week, the coin soared to a high of $2.52 on September 16, signifying a substantial 35% price increase. At the time of writing, the coin is trading at $2.30, displaying resilience despite the volatile nature of the cryptocurrency market.

One of the key drivers behind its remarkable ascent is its impressive trading volume. Over the past 24 hours alone, Toncoin recorded a trading volume of $53 million, significantly surpassing its 20-day average volume. This surge in trading activity suggests heightened interest and momentum surrounding TON.

In the larger context, TON has exhibited an impressive 75.01% increase in value over the last 30 days, solidifying its position as a prominent player in the cryptocurrency market. While established tokens remain relatively stable, the coin’s rapid price appreciation showcases its potential to challenge more renowned counterparts.

Source: Coinmarketcap

Looking ahead, the major resistance level at $3 stands as the next significant milestone for Toncoin. If the current momentum persists, Toncoin could breach this crucial threshold in the coming days, further cementing its status as a cryptocurrency to watch.

Toncoin Stands Out Amid A Predominantly Bearish Market Sentiment

Despite a prevailing bearish sentiment in the overall market, Toncoin’s ability to shine amidst the broader consolidation is noteworthy. Investors are closely monitoring Toncoin’s performance as it continues to defy market trends.

Significant developments within the project complement Toncoin’s recent surge. The popular messaging app Telegram recently unveiled a crypto wallet developed on The Open Network (TON) blockchain. This wallet is now available to Telegram’s vast user base of 800 million people, a move that is expected to drive further adoption of Toncoin.

Additionally, at the TOKEN2049 event in Singapore, Steve Yun, President of TON Foundation, and John Hyman, CIO at Telegram, presented an ambitious plan to propel Web3 technologies into mainstream adoption. 

Emphasizing the need for seamless user experiences and improved distribution methods, the duo underscored the importance of making blockchain technology “invisible” to users, aligning with the principles of successful consumer tech products.

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Saeed Ul Hassan: Saeed Ul Hassan got into the crypto world since 2012. He, in fact, works as a data executor for big firms but finds cryptocurrencies very exciting and hence has been involved for an accountable time now. Saeed started traded digital assets amid the entrance to the crypto market and now writes, too. He specializes in technical analysis.