Toncoin Achieves Record $287 Million Open Interest with Telegram Boost
crypto-news-flash.com 15 July 2024 20:06, UTC - Open interest for Toncoin (TON) reached record levels as the price soared to an all-time high in June, hitting $287 million earlier this month, indicating strong capital inflows.
- $7.5 continues to prove a stubborn resistance level for TON, but as critical on-chain indicators flash bullish, analysts are targeting $8 this week.
It has been Toncoin’s year, with TON hitting its all-time high in mid-June and its ecosystem tokens, led by Notcoin, being among the most bullish in recent months. This sustained surge has pushed some key metrics to new highs, with open interest recently hitting an all-time high.
TON trades at $7.44, gaining 1.7% in the past day for an $18.64 billion market cap. In that time, it surged from an intra-day low of $7.3069 to hit a high of $7.54, its highest price in the past week. However, $7.5 has been the token’s resistance level and shortly after surpassing it, TON lost momentum and dipped slightly below $7.4.
Data from IntoTheBlock further shows that 4% TON has flown from the short-term holders—those who retain their tokens for less than a month—to mid-term holders. The latter hold their tokens for over one month but less than one year and are unlikely to dump when the market hits volatility.
The in-the-money metric is currently bullish, showing that most TON holders are in the money. This means that they are unlikely to dump and could even accumulate more.
Additionally, network activity is back to the same levels it hit when Toncoin achieved its ATH in mid-June after a slight dip in the past two weeks.
For now, $7.53 remains the next target for Toncoin. If it flips this resistance into a support level, it could replicate the same form that saw it surge to $8.26 in June.
What’s Next for Toncoin?
One of the key factors behind Toncoin’s meteoric rise this year has been unceasing support from its community. This has translated into strong flows, pushing the open interest of TON’s perps to a new high, as the graph below from crypto analytics firm Kaiko shows.
“Funding rates have fluctuated between positive and negative this year, reflecting a balance between long and short positions. Both bullish and bearish traders have been active in recent months,” Kaiko noted in its analysis.
Another factor that has pushed Toncoin is that people actually use it. In the bull market, any other token can skyrocket, even when it has no utility. However, when the bullish fever slows down, only tokens with use cases survive, and Toncoin has emerged as a key player—it even overtook Dogecoin recently.
Its gaming ecosystem, for instance, has ballooned this year. Notcoin has stood out, as we have reported, and despite launching two months ago, it’s not worth $1.657 billion.
