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The price of Toncoin (TON) has not been performing well in the recent past. It has been consolidating, with a lack of higher momentum. However, it appears that the tide is turning for the TON price. While the price has remained stagnant, the coin has witnessed a huge surge in a key metric.
Per CoinGlass, the trading volume of Toncoin has skyrocketed 170.12% during the last 24 hours. Currently standing at $218.92 million, this surge highlights the rising trading activity for the coin. It reflects growing market participation while also showing a change of sentiment.
Traders appear to have turned bullish on TON. The native cryptocurrency of The Open Network has garnered significant attention in the past. The decentralized layer-1 blockchain has witnessed crucial developments. Consequently, its native coin managed to secure a notable surge at that time.
Recently, the TON Foundation unveiled the future launch of TON Teleport BTC. It revealed that this project is going to offer secure and efficient transfers between Bitcoin (BTC) and The Open Network. Moreover, the team explained that the goal is to boost Bitcoin’s utility in the decentralized finance (DeFi) sector.
What does it mean for TON price?
Rising developments on The Open Network have resulted in huge price gains for Toncoin. However, the TON price has not displayed bullish movements this time around. Currently priced at $7.05, it has dipped 2.47% over the last 24 hours. While the price remains stagnant, its trading activity has increased.
This means that buyers are supporting Toncoin to come out of this consolidation phase. Increased market activity often pushes prices to higher levels. For the Toncoin price, it is seeing significant boost in volume, coupled with major updates from the TON team. Consequently, it has the potential to end this consolidation period in the near future.
Tomiwabold Olajide
Denys Serhiichuk