TON is poised to surpass its all-time high thanks to TVL growth

Toncoin Price Prediction: Cryptocurrency markets have seen a significant decline over the past week. With bearish sentiment prevailing, the total market capitalization fell by 3.6%, along with a 27% reduction in trading volume compared to the previous week. However, the native cryptocurrency of the Toncoin network, TONNEhas shown remarkable resilience to the market pullback and is likely to hit new highs this week.

Read also: Cryptocurrency Price Prediction 5/13: Can ETH Reversal From $2850 Trigger Altcoin Resurgence?

Toncoin Price Prediction: Sustained recovery sets TON price break above $8

Toncoin Price Prediction | Tradingview

Most major altcoins have witnessed an increase in volatility over the past couple of weeks, as Bitcoin has resonated between the price levels of around $65,000 and $60,000. However, the price of Toncoin increased from $4.6 to $7.3 in the same period, recording an increase of 60%.

The V-shaped recovery supported by rising volumes indicates sustainable growth for TON. Toncoin’s ongoing rally is driven by a significant increase in its Total Value Locked (TVL), as reported by DeFiLlama, an on-chain analytics aggregator.

ToncoinTVL| DefilLama

The TVL inside Toncoin it went from $18.8 million at the end of February to $258.6 million, marking substantial growth of approximately 1276%. This dramatic percentage increase in TVL suggests growing confidence and interest in the Toncoin ecosystem, as more funds are invested or locked into its protocols.

With sustained buying, TON price is likely to break the all-time high resistance of $7.67. The potential breakout will accelerate buying and provide buyers with adequate support to lead a higher rally.

Since this breakout will push Toncoin into price discovery mode, the traditional pivot level can be used to predict the potential resistance level. On the daily chart, this support/resistance indicator suggests an immediate bid ceiling of $8.8, followed by $10.

Technical indicator

• Pivot Levels: If Toncoin price witnesses excessive selling pressure at $7.67, the $7 level as per the R1 Pivot Level could offer adequate support before the buyers
• Relative Strength Index: The newspaper CSR Slope exceeding the 70% threshold suggests aggressive buying activity in the market.

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