Toncoin Rebounds Amid Volatility with Strong Institutional Backing

Toncoin (TON) experienced significant price volatility recently, forming a head-and-shoulders pattern with resistance at $4.15 and support near $3.60. Despite a breach of the support level during an April sell-off, TON has bounced back to trade around $4.13, marking a 12.5% gain over the week. The recovery is underpinned by robust institutional confidence, as prominent venture capital firms including Sequoia, Ribbit Capital, and Benchmark collectively hold over $400 million in TON. Technical indicators, such as Fibonacci retracement levels and cup-and-handle formations, hint at potential stabilization and further upward movement if current support holds. This confluence of technical recovery and significant investor backing suggests that, although short-term fluctuations may continue, there are positive signals pointing toward medium- and long-term growth prospects for the coin.