- Since the start of H2 this year, TON’s social dominance has increased by 320%.
- TON has risen 19% in the previous 7 days and a whopping 48.9% in the last 30 days.
Toncoin has risen to prominence with the recent price surge taking the price all the way to $1.95. Telegram, a prominent messaging platform within the cryptocurrency industry, has no official affiliation with the project anymore, although it is nevertheless intimately related to the cryptocurrency. The dramatic growth of Toncoin (TON) in the cryptocurrency market has also shone a focus on Telegram-bot tokens.
Telegram has a longstanding reputation among crypto aficionados as an early adopter of blockchain technology. Originally conceived as the “Telegram Open Network” (TON) project, Toncoin was eventually renamed as “The Open Network” in 2020 due to legal challenges.
On-chain statistics and Santiment’s TON Social Dominance chart both show a sharp uptick in interest from investors in June 2023. Since the start of H2 this year, TON’s social dominance has increased by 320%.
Pullback Likely
The increased interest has been a major factor in driving up the price of TON, which is now trading at $1.78 as per data from CMC. In particular, TON has risen 19% in the previous 7 days and a whopping 48.9% in the last 30 days.
Source: CoinMarketCap
Its low point was $0.96 on June 12, and it recently tested the $1.95 level, which is an increase of over 100%. Nonetheless, a pullback might happen in the next days due to the presence of key resistance around the $1.97 mark.
If the price manages to break the $1.76 level then it might decline further all the way to $1.50 support level. On the other hand, if the price manages to break above the $1.97 resistance level then a fresh rally is expected.
