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Telegram Open Network (TON) token has seen an impressive 38% increase in its price over the last 48 hours. The surge placed TON among the top performers in terms of growth with top-tier market capitalization.
But what's the reason behind this growth?
First is the general recovery on the crypto market, with Ethereum leading the charge by climbing to $3,800. As one of the leading cryptocurrencies, Ethereum's movements often signal general market recovery, and TON’s recent jump coincides with this upswing.
Second, a major development specific to TON is the new initiative by Telegram to introduce monetization for channel owners on their platform, starting with those with 1,000 or more subscribers. TON is integrated into the Telegram ecosystem for these transactions.
Third, TON appears to be more resilient to the typical corrections seen on the crypto market. This could be due to its unique position as a product tied directly to Telegram, giving it an advantage and a separate growth path from other cryptocurrencies.
With the token's price currently soaring above $6, its next challenge lies at the resistance level, which, if surpassed, could signal further growth potential.
Considering the momentum and the current support levels, the possibility of TON continuing its climb is plausible. The level to watch is $7, as it seems to be a psychological thershold investors are hoping TON will break. However, the initial momentum is fading, and there is a possibility of a healthy correction.
Given these factors, TON’s future seems promising, especially if the market maintains its recovery trajectory. One way or another, stay cautious and do not FOMO into assets that are trending right here and now. As the market usually shows, the majority is often wrong.
Yuri Molchan
Godfrey Benjamin
