Toncoin (TON), the blockchain-linked cryptocurrency associated with Telegram, experienced a short-term sell-off that triggered a significant spike in trading volume, leading to a price decline from $3.33 to $3.26. Despite a 2% decrease over 24 hours, a bearish-to-bullish reversal pattern was observed with key support emerging around the $3.25 level. The 4-hour moving average suggests possible ongoing weakness, but resistance and support zones at $3.28 and $3.22 respectively are crucial for near-term price action.
Separately, technical analysts highlight Toncoin's trading within a symmetrical triangle pattern with resistance near $3.50 and support at $2.90. This consolidation signals a likely major price movement upon breakout. Should TON surpass the $3.50 resistance, projections estimate a 40% gain towards $4.50. Conversely, a breakdown below $2.90 could see prices fall to around $2.40.
Supporting the positive outlook, TON's blockchain has achieved a major milestone by becoming the top platform in daily NFT trading volume, overtaking several established players. This success, fueled by Telegram's integration via Collectible Gifts and strong user adoption, emphasizes genuine ecosystem growth and utility beyond speculation. The growing synergy between Telegram’s massive user base and TON’s blockchain services supports increased engagement and transactional activity.
Overall, TON is at a critical juncture both technically and fundamentally. While short-term price weakness is visible due to volume-driven selling, the cryptocurrency’s strong NFT trading performance and the approaching resolution of its symmetrical triangle pattern may catalyze a significant upward price movement in the near future.