The TON price is trading at $6 as of 7:30 pm EST, up 4% over the last 24 hours. The total value locked on Toncoin has increased tremendously over the past three months, signalling a growing developer interest in the Telegram payments token.
Toncoin’s TVL grows 1068% in 90 days
The TON price has benefited from the recent upward momentum seen in the broader crypto market.
More importantly, the health, growth rate, and sustainability of the project ecosystem are also highlighted by changes in the data obtained.
According to CoinMarketCap data, Toncon’s trading volume increased by approximately 3954% over three months, surpassing $890 million in mid-April.
Data from blockchain data analytics firm DefiLlama shows that Toncoin’s total value locked (TVL) has increased over the last three months, rising more than 1068% from $17.8 million at the beginning of February to the current value of $208 million.
Total value locked on Ton. Source: DefiLlama
The protocols behind Toncoin’s rising TVL include STON.fi, a decentralized exchange (DEX) with $131 million locked; Dedust, another DEX which has seen a 57 million TVL; Storm Trade with $9 million, and EVAA protocol with $5 million.
Is Toncoin’s bullish flag a hint of what is to come?
TON price pulled back after reaching an all-time high of $7.65 on April 11 as sellers booked profits and the wider crypto market corrected.
Despite the correction, a bull flag can be seen on the weekly chart, which hints at the continuation of the uptrend.
Bulls have pushed the price above the resistance from the flag’s upper boundary at $6.0, signalling a possible breakout from the chart formation. This projected an uptick to the technical target of the governing chart pattern at $21.5. Such a move would represent a 258% ascent from the current price.
TON/USD daily chart. Source: TradingView
The 50-weekly exponential moving average (EMA), the 100-weekly EMA, and the relative strength index (RSI) were all facing upward, suggesting that the market conditions still favored the upside. The price strength at 71 indicated that the bulls still dominated the market.
On the other hand, the bears may pull the price lower with the lower boundary of the flag at $5.3 providing the first line of defense. Additional support lines could emerge from the psychological level at $4.0 and the support zone between $2.1 and $3.5, where the 50-weekly and 100-weekly EMAs lie.
