Toncoin making a buzz in the market, bouncing back from its lower support level. The market is in fear, Bitcoin is red, and big whales are selling BTC but TON is standing strong in the tough market. The crypto price advanced back to $7.53 after touching the low of $6.45 recently.
Toncoin On-Chain Data Analysis
According to Santiment data, the social metrics of TON are surging, showing that it has good engagement on social platforms like X, Reddit, and Telegram, receiving a significant number of mentions, and posts, and being part of discussions.
Furthermore, the Total Value Locked (TVL) has also increased since the beginning of the year, indicating that investors have confidence in the Toncoin ecosystem.
Ton Coin on the Technical Chart
At the time of writing TON price was trading at the level of $7.516 with an intraday surge of 4.09% according to TradingView data.
Currently, TON's market cap stands at the level of $18,816,226,985 and the 24-hour trading volume was $18,816,226,985. Moreover, the 24-hour volume to market cap ratio was 2.53% suggesting good liquidity in the Toncoin.
Conclusion
Toncoin's recent price surge amidst a fearful market landscape underscores its resilience and potential for growth. Despite the broader market downturn, with Bitcoin in the red and significant sell-offs by large holders, TON has demonstrated strength, rebounding from its support level and advancing to $7.53.
The on-chain data and social metrics reflect growing confidence in the Toncoin ecosystem, with increasing Total Value Locked (TVL) and user transaction counts signaling a bullish sentiment.
Also Read: Will Bitcoin (BTC) Price Break Below $50,000 Mark
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