Key Insights
- Toncoin price surged by over 5%, and moving ahead, a potential upsurge could follow.
- TON’s $200M TVL and steady blockchain adoption signal strong long-term potential amid market volatility.
- Futures open interest surged 4.20%. On the other hand, the trading volume dropped 18% in the last 24 hours.
Despite the broader crypto market decline, Toncoin (TON) price maintained ecosystem stability and liquidity. TON maintained an attractive investment destination for long-term investors with $200M of total value locked (TVL) within the blockchain.
With this, the token has continued its steady adoption path. Short-term holders face losses. However, those holding the TON coin for over one year remained 59% profitable. This pointed to a possible long-term investment potential.
At press time, Toncoin price was trading at $3.57, noting an intraday surge of over 5.30% in the past 24 hours. Its market cap stood at $8.92 Billion, ranking 16th in the overall crypto market.
Toncoin Price Update: TVL Decline & DEX Volume Surge Amidst Market Fluctuations
TON’s blockchain system consistently grows based on its masterchain functionality and workchain components. The customizable blockchain handles transactions and smart contracts for decentralized applications and transaction management.
Amidst the massive decline this week, the TVL of TON coin dropped to $163M at press time. However, the decentralized exchange volume (DEX) increased by approximately 2.30% to $13.7 Million. It has had higher user activity in the last 24 hours.
Workchain activity remained steady during 2024 as the ‘Hamster Kombat’ phenomenon caused slight increases in network activity.
The Masterchain operates as the core network center that activates validators simultaneously. At the same time, it manages blockchain state records for the whole system.
According to recent data, the Masterchain develops consensus activity consistently. This happens because it is widely used and secure throughout the network. The current Toncoin price trends reflect these dynamics in the market.
Toncoin Price Prediction: Can TON Rally Beyond $4?
Amidst the broader market selloff, Toncoin price faced a massive decline and retested the demand zone of $3.30 this week. Later, the altcoin recovered more than 8% in the last 48 hours and was poised for further swift recovery.
The OI-weighted funding rate for the TON coin turned positive at 0.0055%. Furthermore, the Open Interest (OI) surged over 4.20% to $104.30 Million in the past 24 hours.
Futures Market Data Outlook
TON’s OI-weighted funding rate turned positive at 0.0055%. Moving ahead, the Open Interest (OI) surged over 4.20% to $104.30 Million in the past 24 hours.
It highlights a renewed interest among investors and traders for long positions. Furthermore, data from IntotheBlock indicated that at press time, 72% of holders were in profit. On the other hand, 28% retained out of the money were facing losses.
Historically, such a scenario could favor a bullish rebound. This might occur as profitable holders are less likely to sell their holdings aggressively.
The immediate support zones for Toncoin price were $3.20 and $3. At the same time, the resistance zones were $3.80 and $4.0.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
