Toncoin (TON) has seen a price surge of 4.2% following comments from Telegram CEO Pavel Durov, who described his recent arrest in France as “misguided.” This development has sparked renewed interest in the TON ecosystem, with the token also gaining 7.5% against Bitcoin (BTC) in the past 24 hours.
Holders In Loss, But The Tide Could Turn
Despite the recent surge, many Toncoin holders remain underwater. According to data from IntoTheBlock, only 9% of TON holders are currently in profit at the price of $4.81. A significant 86% of investors are still facing losses, while 5% are break-even. Notably, only 5% of Toncoin wallets have held the asset for more than a year, while 33% have held it for under a year.
This trend may be influenced by the recent boom in tap-to-earn (T2E) games on Telegram’s blockchain. Gleb Kostarev, CEO of Blum, commented that Telegram’s T2E games have driven mass adoption, with 50% of these gamers being newcomers to crypto who had never interacted with Web3 technology before.
Adoption Grows Despite Controversy
In response to Durov’s arrest, Telegram updated its policies on reporting illegal content, acknowledging the risk of bad actors among its 950 million monthly users. Despite this, on-chain data from IntoTheBlock shows that Toncoin adoption continues to rise, with the number of active TON addresses hitting all-time highs. This increase in network activity signals the potential for future price growth as more users embrace the Toncoin ecosystem.
Toncoin’s price has climbed to $4.81 over the past 24 hours following Durov’s latest remarks, a promising sign for the asset’s future performance.
Toncoin is currently in a corrective phase after peaking at $8. It has since retraced to around the 61.8% Fibonacci retracement level, which often acts as a robust support zone. At present, TON is hovering near the $4.5–$4.7 range, with this level providing crucial support. A break below could push the price down to the 78.6% Fibonacci level, around $3.5.
On the flip side, TON faces immediate resistance at $7, which aligns with the 23.6% Fibonacci level. A breakout above this point could propel Toncoin to a 27% Fibonacci extension level, near $10, representing a potential 108% increase from its current price.
Also Read: Toncoin Up 6.78% And Notcoin 4% – Bullish Bounce Or Short-Term Surge?
Toncoin has shown volatility since Durov’s arrest, with the price chart forming a rounded top—a pattern that typically signals a bearish reversal. However, on-chain metrics suggest that bullish sentiment remains strong, with network adoption and activity continuing to rise.
While Toncoin holders may currently be facing losses, the asset’s growing adoption and recent price surge signal potential for future growth. As more users enter the ecosystem and on-chain metrics improve, the coin’s outlook remains promising. Investors will be watching closely to see if Toncoin can break through its resistance levels and deliver the anticipated 108% surge in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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