Open Network’s TON has continued its giant strides, breaking through all-time highs. Recent insights by CryptoQuant showed that the token’s recent peak of $7.3 has been broken and turned into support. As long as that level sticks around, TON’s price trajectory looks optimistic. Using technical analysis, the prominent data platform has dived into the token’s support and resistance levels.
TON hit an all-time high, $7.3 turned support. A few days ago, the price peaked at $7.3, but that level has now been broken and turned into support. As long as that level sticks around, this is a really bullish chart.
Traders can easily define support and resistance levels- points where the price sharply increases or decreases. These levels create strong indicators when the price encounters them again. Historically, technical analysis has proven effective for TON at various levels, such as $0.55, $1.9, $4.5, and $2.6.
A few days ago, TON’s price peaked at $7.3. Although this level has since been broken, it has now turned into a new support level. As long as the price remains above this support, the chart appears highly bullish, noted CryptoQuaunt analyst Maartunn.
“This method has proven effective in the past for various levels such as the $0.55-level, $1.9-level, $4.5-level, and $2.6-level.
TON’s TVL Hit ATH
In addition to its impressive price performance, TON blockchain’s total value locked [TVL] surpassed $600 million, reaching an all-time high. Since December, the TVL has skyrocketed from $11 million to $603 million. That’s an increase of a whopping 54x in just six months.
Earlier the Telegram ecosystem token recorded a surge in its daily active address count surpassing those of Ethereum, thanks to the messaging app’s enormous user base of 900 million. Despite its fledgling ecosystem, TON’s steady growth looks promising, driven largely by the immense distribution power of Telegram.
With Telegram’s support, the token has a unique advantage in terms of user reach and engagement. If the network can capitalize on this foundation and continue to grow its ecosystem, it could emerge as a formidable player in the crypto space
