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Toncoin (TON) investors have committed $12.22 million to the cryptocurrency’s derivatives market, anticipating a bullish run for the coin. Per CoinGlass data, TON’s open interest surged by a massive 35.86% in the last 24 hours as investors renewed interest in the asset.
TON’s massive trading volume and market rebound
Notably, open interest is a metric that provides insight into the total value of outstanding derivatives contracts, both futures and options, which have not been settled.
In the last 24 hours, traders have committed 2.98 million TON amid the asset's rebound move on the broader cryptocurrency market.
Godfrey BenjaminThis development suggests that investors anticipate a sustained bullish run in the Toncoin ecosystem. The anticipation is not misplaced, given TON’s recent performance.
In the last seven days, TON has registered 11.79% growth, almost doubling within the last 30 days, posting a growth rate of 22.88%.
As of press time, the TON price was changing hands at $4.10, representing a 4.21% increase. Despite the rising value, investors are actively moving the coin, as trading volume has increased by 14.14% to $347.17 million.
What's behind Toncoin price breakout?
The bullish sentiment surrounding TON marks a shift from the downward pressure it faced in February and March. In those months, the price of TON breached the $3 support level and traded below $4 for most of the two months.
However, April looks like a bullish month for Toncoin as the ecosystem appears to have reversed its bearish pressure. A key resistance level for TON is the $4 level. With the recent breach, technical indicators signal that if TON maintains the momentum, it could reclaim a higher price mark.
Tomiwabold OlajideAnother catalyst might revolve around Pavel Durov, the Telegram’s founder's, legal freedom. As U.Today reported, Durov recently acknowledged the growth of the blockchain. He hinted at the success recorded in March, injecting about $400 million in support as an endorsement.
This news could have fueled renewed interest in the ecosystem that faced challenges during Durov’s detention. He has issued statements to stabilize the ecosystem and dispel investor fears.
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Vladislav Sopov
Dan Burgin