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After a choppy day in the cryptocurrency markets on March 12, the cryptocurrency Toncoin, which is closely associated with Telegram, rose more than 25% to a new all-time high of $4.45 in 24 hours. However, this massive price increase leads a market cap of over $12 billion.
Key Reasons Behind Ton Rally
The recent rise in the price of TON has caught the attention of cryptocurrency enthusiasts and analysts. Sentiment analysis shows one of the most important factors behind this rally, a significant inflow of TON of capital from Bitcoin and Ethereum.
This trend reflects a significant shift in investor sentiment towards alternative cryptocurrencies, as evidenced by the impressive TON of 18% increase in other top-cap altcoins
Moreover, the surge in TON’s price was further fueled by an intriguing on-chain transaction highlighted by Lookonchain. This transaction coincided with the 30% increase in price, where the whale investor acquired a huge amount of TON tokens.
With 214 Ethereum, equivalent to about $858,000, the investor received 209,237 TON tokens at $4.1 per token. This capital not only reflects the growing confidence in the TON coin but also contributes significantly to its overall market value.
TON Coin Airdrop
Further boosting the price of Ton is the announcement of the TON Foundation donating 1 TON for everyone at TonRaffles as a reward. Additionally, the $RAFF holders were snapshot on March 11, 2024, at which time holders are set to receive $1 TON soon.
After the announcement, TonRaffles, the TON blockchain saw impressive growth of a 70% increase in users in Open League transactions and a 60% increase in Total Value Locked (TVL).
What’s Next for you?
Technical analysis indicated that the TON stock is trending higher. As of now TON coin price is trading at $4.27 with the daily chart shows a green candlestick indicating a significant price surge. However, the relative strength index (RSI) of 83.74 indicates possible overbought conditions, possibly indicating a correction.
More bullish signals appear on the 4-hour chart. If TON maintains momentum above $4, it could trigger further momentum towards the $5.8 mark.
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