What Does Toncoin’s Asian Expansion Mean for TON Price?
NAIROBI (CoinChapter.com) - Toncoin (TON) began trading on Coins.ph on May 29, marking Toncoin's entry into the Asian market and an important step in Toncoin's expansion in Asia. Coins.ph is a leading exchange in the Philippines, and joining this new exchange strengthens Toncoin's influence in the region. In addition, on May 29, Toncoin's total locked value (TVL) reached a record high of $640 million. This highlights its growing adoption and importance in the decentralized finance (DeFi) ecosystem.
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Furthermore, the progress of the TON network and its growing traction in the decentralized finance (DeFi) ecosystem has pushed Toncoin’s market cap to a staggering $22.17 billion. This growth is driven by the increasing demand for Toncoin’s utility across various DeFi protocols and applications built on the TON blockchain. Thus, Toncoin’s expanding use cases and adoption rate highlight its potential as a key player in the DeFi space.
Asian expansion opens new growth opportunities
Toncoin’s foray into the Asian market has significantly boosted its user base and transaction volume. Daily active addresses surged to 488,890, reflecting increased adoption. Integration with Coins.ph, a major Southeast Asian cryptocurrency exchange, has enabled TON to reach a wider audience, enhancing its liquidity and transaction volume.
In addition, the TON network's daily transaction volume, active addresses, and DEX trading volume are all surging, highlighting the growth of adoption and utilization. Notably, daily transaction volume increased by 5.7%, active addresses increased by 52.1%, and DEX trading volume reached $121.8 million. This demonstrates the significant momentum of the network.
Toncoin TVL chart. Source: Deflama
Furthermore, the total locked value (TVL) of Toncoin has continued to grow in 2024. Starting at $72 million on January 1st, it reached a staggering $640 million on May 29th. This growth was mainly driven by Tonstakers, a key liquid staking solution in the Toncoin ecosystem, managing $232 million in TVL. This year, the liquid staking industry has attracted considerable interest. This reflects a similar trend in the Ethereum blockchain, where LDO currently maintains the largest TVL.
Technical indicators point to potential breakout
As of May 31, 2024, Toncoin (TON) is trading at $6.41, down 1.36% on the day. The market cap is $15.47 billion, ranking Toncoin 10th in the crypto market. In the past 24 hours, the trading volume was $132,155,533 million.
TON/USD 1-day price chart. Source: TradingView
Moreover, Toncoin’s chart shows that it is trading near a critical resistance of $6.50. A breakout above this resistance could lead to further gains. The 50-day and 200-day exponential moving averages are at $5.991 and $4.169 respectively, indicating a strong uptrend. The chart also highlights key Fibonacci retracement levels, the 0.236 level at $6.684 and the 0.618 level at $7.792, indicating potential price targets.
Furthermore, Toncoin’s Relative Strength Index (RSI) is at a neutral 54.31, indicating neither overbought nor oversold conditions. This suggests a balanced market sentiment with both upward potential and downward momentum. Lastly, the Chaikin Money Flow (CMF) indicator is at 0.10, showing positive fund inflows, reinforcing the bullish sentiment among investors.