TON trading volume has surged 77% in the past 24 hours.
A bullish trend prevails with a 9-day EMA at $1.83.
TON, the native token of Toncoin, a prominent Layer 1 blockchain, has emerged as the top gainer in the past 24 hours, experiencing a significant surge of 10%. This surge has caught the attention of the community as it marks a recovery phase after a challenging week. Amidst that, it has managed to maintain its bullish momentum throughout the fourth quarter, with a remarkable 35% surge in the past 30 days.
One key driving factor behind this surge is the recent announcement by TON (The Open Network) on September 12, revealing its collaboration with NFTScan, a multi-chain NFT data infrastructure service provider. This partnership has resulted in the launch of TON NFTScan, an all-inclusive NFT explorer integrated into the ecosystem.
Meanwhile, just hours ago, the TON’s team took to Twitter to unveil their upcoming presentation at Token249, one of the year’s major crypto events held in Singapore. The announcement hinted at the transformation of Telegram through Toncoin, igniting excitement within the community.
Notably, the TON blockchain was developed by the Telegram team using the proprietary TVM virtual machine.
Examining TON Price Moments
The trading volume of TON has surged by an impressive 77%, reaching $48 million. Further insights from the IntoTheBlock data indicate that whales currently hold a significant 76.32% of the circulating supply.
TON Price Chart, Source: TradingView
Moreover, A closer look at TON’s recent price movements reveals a prevailing bullish dominance on the daily chart. The 9-day exponential moving average (EMA) is currently situated at $1.83, suggesting ongoing bullish sentiment. The daily relative strength index (RSI) stands at 63, indicating that the asset is approaching overbought territory. As of now, it is trading at $1.84.