Toncoin (TON) Defends Critical $2.87 Support as Bulls Target $5.30 Breakout

Toncoin (TON) is holding strong above the crucial $2.87 support level, a key technical threshold that could dictate its next major price movement. Currently trading at $3.14 (down 5% over 24 hours), TON remains within a bullish ascending channel established since early 2023.

Prominent analyst Ali Martinez highlights $5.30 as the next significant upside target—a level that combines a 0.786 Fibonacci extension with a historical resistance zone. The $2.87 support coincides with the 0.5 Fibonacci retracement, making its defense essential for maintaining bullish momentum.

While technical indicators (RSI/MFI) suggest potential short-term overbought conditions, fundamental developments like Telegram's TON Wallet rollout to 87 million US users could provide substantial adoption-driven support for the cryptocurrency.