TON Coin Rally: What are the main reasons for the TON Coin Rally and what’s next?

After a volatile day for cryptocurrency markets on March 12, Toncoin, a cryptocurrency closely related to Telegram, rose more than 25% in 24 hours to hit an all-time high of $4.45. However, this massive price increase has resulted in a market capitalization of over $12 billion.

Main reasons for the ton rally

The recent rise in the price of TON has caught the attention of cryptocurrency enthusiasts and analysts. emotion analysis show One of the most important factors in this rally is the significant capital inflow of TON from Bitcoin and Ethereum.

This trend reflects a significant shift in investor sentiment towards alternative cryptocurrencies, as evidenced by the impressive TON 18% increase in other top altcoins.

Moreover, TON’s price surge was further fueled by interesting on-chain transactions. Lookonchain highlights. This transaction coincided with a 30% increase in the price at which whale investors acquired a huge amount of TON tokens.

With 214 ETH worth approximately $858,000, investors received 209,237 TON tokens at $4.1 per token. This capital not only reflects increased confidence in the TON coin, but also contributes significantly to its overall market value.

TON Coin Airdrop

What increases the price of a ton further is presentation As a reward, the TON Foundation donated 1TON for everyone on TonRaffles. Additionally, a snapshot has been created for $RAFF holders on March 11, 2024, when holders will soon receive $1 TON.

Since the announcement, TonRaffles, the TON blockchain, has seen impressive growth with a 70% increase in users in open league trading and a 60% increase in Total Value Locked (TVL).

What’s next for you?

Technical analysis shows that TON stock is trending upward. Currently, TON coin price is trading at $4.27 and the daily chart shows a green candlestick indicating a significant price surge. However, the Relative Strength Index (RSI) of 83.74 indicates that it may be overbought and suggests a correction is possible.

More bullish signals appear on the 4-hour chart. If TON maintains momentum above $4, it could spark further momentum towards $5.8.