Toncoin Defies Market Meltdown: Here’s Why It’s Skyrocketing While Rivals Crash
As the crypto market bleeds red, Toncoin (TON) is mooning against the tide—turning bearish sentiment into its own personal rocket fuel.
The anti-correlation play
While Bitcoin tumbles below $50K and Ethereum gasps for air, TON's 30% weekly surge smells like institutional money rotating into altcoin hedges. Telegram's favorite token now flips major assets by daily volume—no small feat during a liquidity crunch.
Exchange chess moves
Binance's surprise TON staking launch last week lit the fuse, but the real powder keg was OKX quietly doubling down on TON futures. Suddenly every degenerate trader needs exposure to the 'Russian Ethereum' narrative—regulatory risks be damned.
The cynical take
Let's be real: this smells like coordinated VC pumps during thin summer trading. But when the SEC's busy strangling other Layer 1s in red tape, sometimes the best trade is the one that makes the least fundamental sense. Enjoy the ride—just remember the golden rule of crypto rallies: what goes vertical usually goes horizontal faster.
Toncoin price technical analysis
The daily chart shows that the TON price also jumped after forming a double-bottom pattern at $2.722. This is a typical pattern characterized by two lower levels and a neckline, which, in this case, was at $3.5812. It is one of the most common bullish reversal patterns.
The price of Toncoin jumped above the 23.6% Fibonacci Retracement level, while the 50-day and 100-day moving averages are about to cross each other. Therefore, the token will likely continue rising as bulls target the key resistance level at $4.77, the 50% retracement level.
