- TON defied market trends with a seven-day gain of 7.87%.
- Pantera announced a huge investment in TON Network.
Over the past seven days, the cryptocurrency market has experienced a significant decline. Altcoins in particular have been hit hard by a downside after Bitcoin fell 5.55% to $61,000.
However, Toncoin [TON] has withstood this enormous market pressure. Over the past seven days, TON is up 7.87%, a strong increase against market expectations.
What drives TON’s recent resilience?
It is striking that several factors have depressed Ton prices over the past seven days.
Firstly, Panthera Investment in Ton has played a crucial role in increasing market activities. According to a post on X (formerly Twitter) from founder and Pantera Capital Managing Partner Then Morehead,
Pantera recently made the largest investment in its history in #TON.
He explained that
“We believe TON can introduce crypto to the masses as it is widely used within the telegram network.”
The investment by Pantera Capital has led to a massive capital inflow into Ton, which can be attributed to its continued growth.
Another factor increasing TON’s resilience is the recent integration of Binance. According to reports, Binance has announced the full integration of USDT within the TON network.
The integration is critical because it creates significant opportunities for greater reach and utility.
What TON’s technical indicators show
Source: Tradingview
AMBCrypto analysis shows that TON is experiencing an increasing trend. The SMA is below daily chart prices at around $7.29, while prices are at $7.50.
An SMA below the prices on the daily charts implies a sustained uptrend and a sustained trend.
Source: Tradingview
At the same time, TON reported an RSI of 55 at the time of writing, after rising from 49. The above RSI indicates that TON is on an upward move and is more likely to experience short-term gains than losses.
Since the RSI has risen and almost crossed the RSI-based MA, the uptrend is strengthening and will continue.
Source: Santiment
Looking further, our analysis of Santiment shows increased accumulation by whales. According to Santiment, the total supply of whales has increased from $52 million to $54 million in the past seven days.
This increase 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
Santiment’s analysis also shows that outflows on the currency markets have declined from a high of 149,000 to 4,000.
The reduced outflows from exchange rates indicate lower selling pressure, leading holders to hold assets on the exchanges and anticipate short-term trading opportunities.
Toncoin’s next move
Source: Tradingview
At the time of writing, TON is trading at $7.50 and is facing a resistance level around $7.76. If TON breaks this resistance level, prices will move to the next level around $8.24.
Read Toncoin (TON) price forecast 2024-25
Similarly, the 200 EMA at $7.32 indicates the ongoing uptrend and would act as dynamic support if there is a correction or price trails.
However, NOT needs to maintain its strong support level around $6.78 to continue the bullish trend.