TON Coin Rally: What Caused the Surge in TON Coin’s Value and What Can We Expect Next?
TON coin experienced a remarkable surge of 25% in just 24 hours, reaching an all-time high of $4.45. This surge in price also led to a market cap exceeding $12 billion. The rally of TON can be attributed to two key factors.
Firstly, sentiment analysis reveals that a significant amount of capital flowed from Bitcoin and Ethereum into TON. This indicates a notable shift in investor sentiment towards alternative cryptocurrencies, as evidenced by the 18% increase in other top-cap altcoins.
Secondly, the price surge of TON was further fueled by an intriguing on-chain transaction highlighted by Lookonchain. A whale investor made a substantial purchase of TON tokens, coinciding with a 30% increase in price. The investor acquired 209,237 TON tokens for 214 Ethereum, equivalent to approximately $858,000.
This transaction not only reflects growing confidence in TON coin but also contributes significantly to its overall market value. Additionally, the announcement of the TON Foundation donating 1 TON to everyone at TonRaffles as a reward further boosted the price of TON. Furthermore, the snapshot of $RAFF holders on March 11, 2024, indicates that they will soon receive $1 TON.
As a result, TonRaffles, the TON blockchain, experienced impressive growth with a 70% increase in users in Open League transactions and a 60% increase in Total Value Locked (TVL).
From a technical analysis perspective, the TON stock is trending higher. Currently trading at $4.27, the daily chart shows a green candlestick indicating a significant price surge. However, the relative strength index (RSI) of 83.74 suggests possible overbought conditions, potentially leading to a correction.
On the 4-hour chart, more bullish signals emerge. If TON maintains momentum above $4, it could trigger further upward movement towards the $5.8 mark.