Toncoin Shows Potential Strength Amid Rising On-Chain Activity and Technical Support

Key Points

1. Toncoin's price rose 30% to $3.56, backed by increased on-chain activity, including a 52% rise in weekly DEX volumes to $82 million and stablecoin inflows nearing $800 million market cap.

2. Ecosystem initiatives like Binance Wallet enabling TON staking with a $300,000 reward pool and a $400 million investment from TON Foundation and Kingsway Capital are boosting investor confidence.

3. Technical indicators show bullish momentum with key moving averages supporting around $3.45, but the commodity channel index at 125.6 suggests a potential short-term pullback to $3.33 if buying volume decreases.

4. Despite a 1.3% daily price dip, Toncoin's 24-hour trading volume increased by 3.3% to $324.8 million, and open interest rose 28% to $13.61 million, indicating sustained investor interest.

5. The article highlights Toncoin's strong fundamentals, including decentralized exchange volumes, stablecoin inflows, and investor engagement, while advising caution for short-term volatility.