Altcoin
Toncoin surges as Pantera injects millions: Rally on the horizon?
Toncoin has defied market trend with a 7.87% surge in 7 days.
- TON defied market trends with a 7.87% surge in seven days.
- Pantera announced a massive investment in TON Network.
In the last seven days, the cryptocurrency market has experienced a considerable decline. Altcoins especially have been highly hit with a downside after Bitcoin declined by 5.55% to $61k.
However, Toncoin [TON] has endured this massive market pressure. In the last seven days, TON has surged by 7.87%, a strong upswing against market odds.
What’s driving TON’s recent resilience?
Notably, multiple factors have pushed Ton’s prices over the last seven days.
Firstly, Panthera Investment in Ton has played a crucial role in increasing the market activities. According to a post on X (formerly Twitter) from Founder and Pantera Capital Managing Partner Dan Morehead,
” Pantera recently made the largest investment in its history in #TON.
He explained that,
“We believe TON can introduce crypto to the masses because it is used extensively within the telegram network.”
The investment by Pantera Capital has seen massive capital inflow into Ton, which can be attributed to the continued growth.
Additionally, another factor pushing TON’s resilience is Binance’s recent integration. According to reports, Binance announced the complete integration of USDT within the TON Network.
The integration is critical as it creates a considerable opportunity for more reach and increased utility.
What TON’s technical indicators show
Source: Tradingview
AMBCrypto analysis shows that TON is experiencing an upward trend. The SMA is below the prices on the daily chart at around $7.29, while the prices are at $7.50.
An SMA below prices on daily charts implies continued uptrend movement and a sustained trend.
Source: Tradingview
Equally, at press time, TON reported an RSI of 55 after a rise from 49. The above RSI indicates TON is experiencing an upward movement and is more likely to experience short-term gains than losses.
Since the RSI has been rising and almost crossing over its RSI-based MA, an uptrend is strengthened and will continue.
Source: Santiment
Looking further, our analysis of Santiment shows increased accumulation by whales. According to Santiment, the total supply held by whales surged from $52M to$54M in the last seven days.
This surge shows confidence in the altcoin as Whales hope to sell at a profit in the near future. The confidence and continued accumulation are positive market sentiments.
Source: Santiment
Also, analysis of Santiment shows reduced exchange outflow from a high of 149k to 4k.
The reduced exchange outflow indicates lower selling pressure, resulting in holders keeping assets on exchanges and anticipating short-term trading opportunities.
Toncoin’s next move
Source: Tradingview
At press time, TON trades at $7.50 and faces a resistance level of around $7.76. If TON breaks this resistance level, the prices will move to the next level, around $8.24.
Read Toncoin (TON) Price Prediction 2024-25
Equally, the 200 EMA at $7.32 indicates the continued uptrend and would act as dynamic support if there is a correction or price traces.
However, NOT must maintain its strong support level around $6.78 to continue the bullish trend.
