Toncoin (TON), the native cryptocurrency of The Open Network, has experienced a notable price rally following its recent partnership with Telegram. The TON price has surged to $2.50 and is currently aiming for the next milestone of $3.
At the time of writing, TON is trading at $2.38, reflecting a 12.21% increase, and possesses a market cap of $8.2 billion. This impressive price surge has propelled Toncoin to surpass Solana and claim the position of the ninth-largest cryptocurrency by market cap. If the TON price rally continues to reach $3, it may even surpass Cardano during this recent surge.
Over the past week, the TON price has surged by over 35%, and it has gained more than 66% over the last month. If the bullish momentum can push the price above the $2.66 level, there is a good chance it could rally up to $3.
However, if the price falls below the $1.95 support level, it may test the next support at $1.63. Despite the generally bearish market conditions, TON’s price has shown remarkable resilience with strong bullish momentum.
Furthermore, the TON/USD price is currently in an overbought condition, as indicated by the stochastic RSI, which is below its signal line at 85.71. This situation could lead to a short-term decline or a period of market consolidation as traders either take profits or seek a more favorable entry point.
Additionally, if the stochastic RSI falls below the 70 threshold, it could suggest a weakening of bullish momentum and potentially signal an upcoming reversal in the price trend.
The recent performance of Toncoin has been significantly influenced by its partnership with Telegram, particularly with the integration of the crypto wallet Ton Space. This collaboration has generated substantial excitement among traders and investors, given Telegram’s extensive user base. It remains to be seen whether the TON price will break past the anticipated milestones and continue its upward trajectory.