TL;DR
- The TVL on the TON Blockchain has surpassed $300 million, doubling since May 1.
- Telegram and Pantera Capital have been key catalysts for Toncoin’s growth.
- Toncoin price could bounce to new highs if the bullish momentum maintains.
The recent increase in the total value locked (TVL) on the TON Blockchain has placed Toncoin (TON) in an advantageous position for a possible rally in its price.
According to data from DeFiLlama, the TVL on the TON Blockchain has increased impressively from $156 million on May 1 to $315 million currently, indicating increasing adoption and investment in TON-based projects.
This growth is a reflection of the significant expansion in decentralized finance (DeFi) activities within the TON ecosystem.
Over the past month, decentralized exchange (DEX) protocols like Ston.fi and Dedust have seen notable increases in TVL, with increases of 132% and 30%, respectively.
Furthermore, liquid staking protocols such as Tonstakers and bemo have also shown significant increases of 20% and 17%.
These developments highlight the growing interest and confidence in TON’s DeFi ecosystem.
Several positive catalysts have fueled this growth.
Telegram, a widely used messaging platform, launched an advertising revenue sharing program with payments in Toncoin and promoted the TON Blockchain through The Open League.
These initiatives not only increased the visibility of Toncoin, but also encouraged its use and adoption.
Additionally, the revelation of a new investment in TON by venture capital firm Pantera Capital has brought credibility and financial backing to the project, attracting more investors.
The recent debut of Notcoin (NOT) on the market has also generated additional buying pressure for Toncoin, contributing to the bullish momentum.
However, TON price saw a drop due to profit-taking and a pullback in the broader market, with Bitcoin and Ethereum declining to support levels last week.
However, with BTC and ETH recovering above $68,000 and $3,800 respectively, major altcoins, including Toncoin, have seen a resurgence in their prices.
Price Outlook for Toncoin
Toncoin price, currently around $6.40, needs to stay above the immediate support zone to build sustainable bullish momentum.
If the bulls manage to strengthen TON’s position, a break towards $7 could bring a new all-time high in sight.
The recent rally in the market, supported by the recovery of BTC and ETH, adds a tailwind for Toncoin.
However, if the price fails to hold immediate support, it could retreat to lower levels around $5.64 and potentially $4.86, especially if market conditions turn bearish.
Continued observation of the broader market and developments within the TON ecosystem will be crucial in anticipating Toncoin’s next price movements.
The significant increase in TVL, DeFi expansion, Telegram’s strategic initiatives, and support from Pantera Capital provide a solid foundation for the recovery and potential growth of Toncoin’s price.
Maintaining immediate support and riding the current bullish momentum could take Toncoin to new highs, while a drop in market conditions could trigger a correction towards lower levels.
