Toncoin Surges 18% Against Market Trends – Is $5 the Next Stop?

Toncoin just pulled off a crypto magic trick—soaring 18% while the rest of the market naps. Who needs a bull run when you’ve got a one-token parade?

Defying Gravity (and Common Sense)

While Bitcoin waffles and Ethereum yawns, Toncoin’s rally has traders scrambling. The breakout defies both technicals and the ‘wait for Fed cues’ crowd—proving once again crypto loves nothing more than embarrassing skeptics.

The $5 Question

Now the chatter turns to whether this is a dead cat bounce or the start of something real. If the momentum holds, that psychological $5 level becomes the next battleground—and you can bet the ‘buy the dip’ brigade already has limit orders queued.

Just don’t mention that most altcoin pumps these days last about as long as a TikTok trend. But hey—this time it’s different, right?

What’s Behind TON’s Upswing?

According to CoinGlass TON data, TON has seen a 41.46% rise in volume over the last 24 hours. The asset has also seen a 14.52% increase in open interest (OI). The rise in open interest for TON may be a signal for growing investor sentiment for the asset’s future price. While Toncoin (TON) is registering rallies across all time frames, the project has seen more than $699,000 worth of liquidations in the last 24 hours.

TON’s current rally could be due to the Ton Foundation and Kingsway Capital announcing plans to raise around $400 million for a new treasury company. The rally may have also been propelled by increased NFT activity on the TON network. Earlier this month, American rapper Snoop Dogg sold $12 million worth of NFTs on Telegram.

TON’s price currently faces increased resistance around the $3.4 mark. The asset’s price could consolidate around current price levels. However, TON’s relative price index (RSI) is climbing towards the oversold territory, as highlighted by TradingView statistics. Investors could begin offloading the asset if market conditions deteriorate further. There is also a chance that the Federal Reserve will keep interest rates unchanged over the next month. Higher interest rates may lead to another correction for the crypto market.

In the event of an interest rate cut, TON could see its rally continue over the coming weeks. How the asset’s performance unfolds is yet to be seen. The crypto market could pivot in any direction over the coming days.