Invezz 2025-04-23 12:11:10

Why is Toncoin price rising today?

Trading at $3.117 at press time, Toncoin (TON) has witnessed a remarkable 7.3% price surge within the last 24 hours, sparking widespread interest among cryptocurrency investors and market observers. Originally developed by Telegram and now maintained by the TON Foundation, Toncoin is built on The Open Network, a high-throughput blockchain designed for fast, scalable transactions. Its deep integration with Telegram — which has a user base exceeding one billion — significantly enhances its prospects for mainstream adoption by embedding crypto functionality directly into one of the world’s most widely used messaging platforms. Today’s price increase signals a confluence of fundamental developments and market dynamics at play, and understanding the reasons behind this rally could offer an insight into what to expect when investing. Why is Toncoin’s price rising? Recent ecosystem enhancements, such as the Telegram wallet’s “Earn” feature for passive income and the option to pay fees with Telegram Stars , have significantly boosted Toncoin’s utility and appeal to a broader audience. The TON Network growth further fuels this rise, with the address count climbing from 130.63 million on January 1, 2025, to 149.15 million by April 22, 2025, reflecting robust adoption trends. Another factor that is likely fueling today’s Toncoin price rise is a recent interview with the TON Foundation’s Head of Growth on April 23, 2025, where he discussed TON’s Web3 ambitions. This likely amplified investor optimism, contributing to the day’s upward price movement. There is also the $5 million TONX Accelerator Program , designed to support developers building on TON and enrich the ecosystem, potentially driving demand for the TON token. Accessibility has also improved with MoonPay’s integration, enabling US users to easily acquire $TON, which broadens its investor base and supports price momentum. MoonPay 🟣 @moonpay · Follow 💎 $TON is now available on MoonPay across the USA!💸 to celebrate we’re giving away $2,000 in TON to one person in the USA who likes this post 💜 when you buy TON using MoonPay Balance, there are zero MP fees! 12:45 am · 18 Apr 2025 1.1K Reply Copy link Read 326 replies The TON Foundation has also allocated 30 million TON tokens for community rewards, underscoring its efforts to enhance engagement, likely spurring network activity and positive price effects. Additionally, hints of expansion into the Netherlands as a crypto hub, as mentioned in the recent interview, suggest strategic moves that could unlock new avenues for TON. TON price technical analysis Toncoin’s price chart showcases a breakout from a falling wedge pattern on the 2-hour timeframe, signalling a shift from a bearish to a bullish trend. This technical formation suggests that buyers have regained control, pushing the price upward after a period of contraction. In addition, the 50-day simple moving average (SMA) has crossed above the 200-day SMA on the 2-hour chart, signalling a bullish trend. Toncoin price chart by TradingView However, it will need to break past the resistance at $3.16, the upper boundary of the 24-hour range, for a bullish rally towards higher targets like its all-time high of $8.25 from June 2024 to be confirmed. Currently priced at $3.117, the cryptocurrency is in a consolidation phase, often a precursor to further gains as market participants assess the next move. Support rests at $2.91, the lower end of the recent 24-hour range, providing a cushion against potential pullbacks. On the daily chart, the Relative Strength Index (RSI) sits at 44.05, reflecting a neutral stance with ample room for price appreciation without hitting overbought territory. Trading volume has spiked by 27.90% to $204.93 million in the last 24 hours, highlighting robust market activity and heightened investor interest. This blend of bullish signals and steady market dynamics suggests that today’s Toncoin price rise is underpinned by solid technical foundations, with room for continued growth if momentum persists. The post Why is Toncoin price rising today? appeared first on Invezz