Toncoin (TON) Explodes: Record Volume Spike Fuels Wild Price Speculation

Toncoin’s trading desks just lit up like a degenerate gambler’s Robinhood app—24-hour volume surged 217% as TON punched through resistance levels. The Telegram-linked token now flirts with its ATH, leaving bagholders and skeptics scrambling.

Bull case: Ecosystem growth and exchange listings fuel a 40% rally toward $8.50. Bear trap: Overleveraged longs could trigger a 15% correction if Bitcoin wobbles. Either way, the usual crypto circus of influencers and ’TA experts’ will claim they predicted it.

Fun fact: This price action coincides perfectly with the ’Altcoin Casino Season’ chapter in every crypto bro’s dog-eared playbook. Place your bets—the house always wins.

TLDR

• Toncoin (TON) Open Interest jumped 33% in 24 hours, reaching $190 million from $143 million, hitting highest levels since February
• TON price broke above descending trendline resistance, currently trading at $3.33 with 5.62% weekly gains despite 2.34% daily decline
• Trading volume surged over 680% to approximately $1.3 billion, supporting the bullish breakout pattern
• Technical analysts identify three key targets at $3.96, $4.65, and $5.17, representing potential gains of 31.6% to 71.6%
• Historical patterns suggest caution as past Open Interest spikes often preceded corrections, with March/April spike leading to 32% price drawdown

Toncoin has seen a sharp increase in Open Interest and a technical breakout above key resistance levels. The cryptocurrency is currently trading at $3.33, showing mixed short-term performance with a 2.34% daily decline but a 5.62% weekly gain.

The most striking development comes from derivatives markets, where Toncoin’s Open Interest has surged 33% in just 24 hours. According to Glassnode data, the metric jumped from $143 million to $190 million, reaching its highest level since February.

Over the past 24h, $TON perpetual futures OI surged +33% from $143M to $190M – its highest level since Feb 18. Interestingly, OI stayed elevated even after the price pullback. Past spikes like this have often preceded corrections – worth watching closely: https://t.co/wXpcaQoKul pic.twitter.com/IwbflHdkwZ

— glassnode (@glassnode) May 29, 2025

Open Interest measures the total amount of perpetual futures positions currently open across all derivatives platforms. Rising values typically indicate increased trader participation and higher leverage in the market.

The current spike initially coincided with a rapid price increase but has maintained momentum even during subsequent pullbacks. This pattern suggests sustained interest from derivatives traders.

Market capitalization stands at $8.3 billion with 24-hour trading volume reaching $1.06 billion. These figures demonstrate continued market activity despite recent price volatility.

Technical Breakout Signals Bullish Targets

Technical analysis reveals Toncoin has broken above a descending trendline that had acted as resistance since mid-2024. This breakout represents a potential trend reversal from the persistent bearish pattern.

The price is currently retesting the previous resistance level, which now serves as support. This retesting phase is typical market behavior following breakouts and often precedes continued upward movement.

Three key resistance targets have been identified by analysts. The first target sits at $3.964, representing a potential 31.6% gain from current levels. The second target reaches $4.648, offering 54.4% upside potential.

The most ambitious target stands at $5.166, which WOULD deliver gains of 71.6% if achieved. These projections depend on continued bullish momentum and volume confirmation.

Trading volume has experienced a dramatic surge, jumping over 680% to approximately $1.3 billion. This volume increase supports the breakout thesis and suggests institutional or large-player interest.

Historical Patterns Suggest Caution

While current technical indicators appear bullish, historical data provides a note of caution. Previous Open Interest spikes of similar magnitude have often preceded price corrections.

The last comparable pattern occurred in late March and early April, when Open Interest reached similar levels. That spike was followed by a price drawdown of approximately 32%.

Glassnode analysts note that past spikes like the current one have often preceded corrections. The sustainability of the current rally depends on TON’s ability to maintain support above the breakout trendline.

Bitcoin has also experienced rising Open Interest, jumping 51% from April lows of $36.8 billion to $55.6 billion. This broader trend suggests increased leverage across cryptocurrency markets.

The current Open Interest level of $190 million represents the highest reading for Toncoin since February, when similar levels were last observed.