Toncoin Price At Major Support Eyeing For Rebound: TVL Surged By 830%

• Toncoin price has dropped by 10% in the past five days.
• A death crossover has been noticed between the key moving averages.

Toncoin (TON) price has been in a consolidation phase for a wider time frame. However, the Toncoin price has been defending a major support level of $5.2 since November in the short term. On the flip side, the price has been declining by facing resistance from a descending trendline. Recently, the price has dropped below the key moving averages.

TONUSDT consolidated between $5.00 and $6.00, trading within a clearly defined range. A downward trendline on the chart indicated bearish pressure. Before reversing, there was a breakout above $6.00 that produced a higher high close to $7.00.

Top 15 Public Chains by TVL Growth in 2024

Data on the top 15 public chains by TVL growth in 2024 revealed that SEI topped the list with a 5210% increase, surpassing big chains like SUI and TON.

SUI recorded a 1210% growth and ranked fifth. With a 617% increase, TON gained 13th place and maintained a strong pace in spite of the competition.

Bitcoin grew by 2110%, while Bahamut closely followed SEI with a growth of 3014%. Other noteworthy chains are Base, which grew by 607%, and Aptos, which saw a 796% increase.

Different adoption rates and technological developments within the blockchain industry were reflected in the TVL growth.

Setting the standard for other chains, SEI dominated the chart in terms of absolute growth with $620 Million in TVL. While TON showed steady growth with $500 Million locked, SUI recorded $502 Million in TVL.

If current adoption rates continue, this data may indicate that these chains will continue to grow in 2025.

Toncoin Price Has Shaped a Descending Triangle

Toncoin crypto was trading at $5.22 at the time of writing which has declined by 1.55% over the past 24 hours. The market capitalization was $13.2 Billion and the 24-hour trading volume was $251.31 Million.

If the Toncoin price loses the major support level of $5.2, major selling pressure can be observed. At this point, most investors might lose their confidence by seeing a breakdown. Once the price sustains below this level, it could remain bearish for a longer time.

Conversely, if the price triggers a breakout from the triangle, it might be a bullish signal. If the price surpasses key moving averages, buyers might become confident. If the trading volume supports this momentum, a decent bullish rally can be anticipated.

Based on the technical indicators, a bearish crossover between the key moving averages has been noticed. The MACD and the Signal line have dropped below the Zero line and a death crossover was seen. Additionally, the histograms have flipped to red, showcasing a bearish forecast.

TON Price Overview and its TVL Growth

TON crypto is currently facing a critical juncture following a notable decline of 10% over the past five days. The price remains defensively positioned at the key support level of $5.2, and recent technical indicators signal potential bearish momentum.

Notably after the formation of a death crossover between key moving averages, if Toncoin fails to hold this support, it could lead to increased selling pressure and a prolonged bearish phase.

On the other hand, a successful breakout above the descending trendline and the key moving averages could signal a bullish reversal, potentially reigniting buyer confidence and leading to a positive price rally.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.