Telegram-linked Toncoin (TON) has emerged as today’s top gainer, posting a modest 1% price increase in the past 24 hours. This comes in stark contrast to the broader crypto market, which has seen a notable pullback.
Global crypto market capitalization has declined by nearly 3% over the same period, with most major assets trading in the red. However, TON appears ready to buck this trend as on-chain data shows growing accumulation.
Fresh Capital, Rising Confidence: TON Shines Amid Market Pullback
On-chain data reveals a steady uptick in TON’s network activity, signaling rising demand for the asset. The number of new and daily active addresses interacting with the Toncoin network has surged, indicating growing user interest and participation.
Per IntoTheBlock, new demand for TON has risen by 38% over the past seven days, reflecting the support backing its current upward trend. The surge in new demand indicates fresh capital entering an ecosystem, often from first-time users or investors.
This, combined with the 51% rise in daily active addresses during the same period, suggests deepening activity among existing TON holders.
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The elevated level of on-chain engagement supports the token’s current price resilience, even amid broader market weakness. If this trend holds, TON could record more gains over the next few trading sessions.
Furthermore, TON’s funding rate has remained positive despite the broader market’s performance over the past day. As of this writing, this is at 0.0057%, indicating the preference for long positions among futures market participants.
The funding rate is a periodic fee paid between long and short traders in perpetual futures markets to keep the contract price in line with the spot price.
A positive funding rate like TON’s means traders are paying a premium to hold long positions, indicating bullish sentiment. It suggests that more investors expect the asset’s price to rise in the near term.
These Crucial Levels Could Make or Break the Rally
While TON’s gains are still modest, its divergence from broader market movements positions it as one that may record more gains over the next few days. If demand remains high, the token’s price could break above the resistance at $3.49 and climb to $3.68.
However, if buy-side momentum wanes, this bullish project would be invalidated. In that scenario, TON’s price could fall to $3.23.
The post TON Stands Out Amid Market Pullback—Why It’s on Traders’ Watchlists This Week appeared first on BeInCrypto.
Source: https://beincrypto.com/ton-price-breaks-away-from-the-pack/