TON Skyrockets by 34%; Will the Upward Trend Continue?

• Toncoin’s token, TON, has seen a 10% increase in the last 24 hours.
• TON’s surge is linked to its partnership with NFTScan, an NFT service provider.
• TON’s transactional activity has increased by 77%, hitting $48 million.

TON , the inherent token of Toncoin, a notable Layer 1 blockchain, has surfaced as the leading performer in the last 24 hours, witnessing a substantial 10% increase. This rise has drawn the community’s attention as it signifies a recovery period following a difficult week. Despite this, it has preserved its upward trend throughout the fourth quarter, demonstrating an impressive 35% increase over the past 30 days.

The recent surge can be attributed to a significant announcement made by The Open Network (TON) on September 12. They disclosed their partnership with NFTScan, a multi-chain NFT data infrastructure service provider. This collaboration has led to the introduction of TON NFTScan, a comprehensive NFT explorer that is now part of the ecosystem.

Recently, the TON team announced on Twitter their forthcoming presentation at Token249, a significant cryptocurrency event in Singapore this year. The announcement suggested a potential transformation of Telegram via Toncoin, sparking enthusiasm among the community.

Importantly, the Telegram team created the TON blockchain utilizing their own TVM virtual machine.

Scrutinizing the Price Alterations of TON

The transactional activity of TON has experienced a substantial increase of 77%, hitting $48 million. Additional analysis from IntoTheBlock data reveals that whales presently possess 76.32% of the available supply.

Upon further examination of TON’s latest price trends, there is a clear bullish trend on the daily chart. The 9-day exponential moving average (EMA) is presently at $1.83, implying a continuous bullish outlook. The daily relative strength index (RSI) is at 63, suggesting the asset is nearing overbought. Currently, it is being traded at $1.84.