Toncoin (TON) has faced significant challenges recently, but it is showing signs of recovery. A key development that has sparked optimism among investors and traders is the launch of the T-Fund, which aims to accelerate the growth of the TON ecosystem by supporting new projects and driving network adoption. As Toncoin begins to recover, the question arises: could these factors fuel an 80% price rally, potentially leading to a significant surge in value?
Can the T-Fund Drive a Toncoin Price Rally?
Toncoin’s price took a hit after issues surrounding Telegram Founder Pavel Durov, but it has recently found solid support and is bouncing back. One of the catalysts for this recovery is the launch of the TON T-Fund. This initiative is designed to reinvigorate and boost the growth of the TON ecosystem by providing funding and support for new projects.
This rebound coincides with positive market sentiment, spurred by predictions that the Federal Reserve may cut interest rates, which could benefit the broader cryptocurrency market.
The TON blockchain has shown remarkable progress in a short span, reflecting years of development. However, the recent launches of projects like Notcoin (NOT) and Dogs (DOGS) highlighted the need for greater scalability, as they brought in a surge of active users. The T-Fund was created to address this by accelerating Ton blockchain development and investing in new decentralized protocols.
As more decentralized projects are built on the TON blockchain, the increased network activity is expected to drive Toncoin’s price higher. In the last 24 hours, TON’s price has risen by 1.3% and is currently trading at $5.36.
Toncoin Price on the Path to Recovery
Toncoin's price is showing a rounded top pattern, typically a signal of potential bearish reversal in the long term. However, the asset recently bounced off the $4.50 region, a key support level, and is attempting a recovery. Despite this, the trend remains bearish as the price is still below crucial moving averages.
The price rebound occurred after touching the 61.8% Fibonacci retracement level and is now sitting just above the 50% Fibonacci level, a zone where consolidation or a reversal often happens.
If Toncoin can break out of the rounded top pattern and rise above the 50-day Exponential Moving Average (EMA), the price could surge by 84%, reaching the 27% Fibonacci extension level, which aligns with $10—a potential new all-time high for Toncoin. Conversely, if the price fails to maintain support and breaks below $4.50, the bearish trend could continue, with a potential target of $3.50.
Toncoin User Growth and Bullish Sentiment
Toncoin’s network usage has hit new highs. Data from Tonscan, the official Ton network explorer, shows that the total number of Ton addresses has surpassed 73 million, with daily active addresses (DAA) reaching an impressive 16,441,717. This is 36 times higher than Ethereum’s daily active address count of 439,142 as of September 11.
Traders are also optimistic about Toncoin’s price. According to Coinglass data, there were more long positions than short positions on Toncoin in the last 24 hours. Most of these long trades are concentrated between $5.00 and $5.17, indicating that this price range could provide strong support in the event of a dip.
Conclusion
With the launch of the T-Fund and a growing number of users, Toncoin’s price may be poised for a significant rally. If it breaks key resistance levels, the token could potentially see an 80% surge, bringing it to new all-time highs. However, traders should also be mindful of potential bearish trends if the price fails to hold key support levels.
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