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Toncoin (TON) has made a grand comeback after its recent price collapse. The price of TON went downhill on Tuesday to hit the $5.10 level. Notably, the coin was trading around $6.81 on Sunday. Although the price has not fully recovered, it has shed major losses today in a comeback that has stunned the community.
As of writing this story, Toncoin is trading at $5.60 after a jump of 0.9% in the last 24 hours. While the coin is still down 17.44% over the last 30 days, some bullish signals have emerged for it. These metrics are hinting toward a potential short term rally, which can take TON back to the $6.5 range.
Toncoin’s potential rally
The 24-hour trading volume of Toncoin, as per CoinGlass, has surged 71.19% to hit the $2.64 billion level. The coin is seeing an influx of traders on all major crypto exchanges. Binance, the largest crypto exchange in the market, leads the way with $1.22 billion in volume, followed by Bybit at $829.22 million and OKX at $394.43 million, among others.
The rising trading activity of TON hints at the resurgence of bulls after the recent price crash. It seems that the panic selling is over and Toncoin has entered a buying zone, where traders are jumping on the bandwagon. This is a crucial moment for the TON price, as this support from bulls can help it trigger the potential rally.
Toncoin is the native currency of The Open Network (TON), a Telegram based blockchain. The TON network recently saw a severe outage that led to this recent crash for the Toncoin price. However, the TON team confirmed on Wednesday that the network is fully operational and back online. This resumption of operations led to this moderate price recovery for TON as more gains are expected.
Tomiwabold Olajide
Gamza Khanzadaev