Amid the ongoing correction in cryptocurrencies triggered by Bitcoin (BTC) price falling below 94,000 USD, the Toncoin (TON) price has retested the key support level around 4.8 USD established over the past eight months. This large-cap Layer 1 altcoin has a fully diluted valuation of approximately 27.6 billion USD, with an average trading volume of about 285 million USD over 24 hours, forming a potential bullish continuation pattern.
On the weekly time frame, the TON price forms a symmetrical descending triangle pattern, with the relative strength index (RSI) rebounding consecutively from the 50% level. Additionally, the TON price has successfully rebounded from the 50-week simple moving average (SMA), indicating a possible rebound in the short term.
Why bet on Toncoin's recovery in 2025
In recent years, the Toncoin network has developed into a powerful web3 ecosystem, supported by the Telegram mini-program. In less than a year since Tether integrated USDT, the stablecoin trading volume on the TON blockchain has exceeded 1 billion USD. With a dozen DeFi projects, the total value locked (TVL) in TON projects has grown to over 247 million USD.
According to on-chain data analysis by IntoTheBlock, the Telegram mini-program led by Notcoin (NOT) has pushed the daily active users of TON to over 5 million.
The success of the Toncoin network is largely attributed to Telegram, which achieved annual profitability for the first time in the fiscal year 2024. According to Telegram CEO and founder Pavel Durov, the social media platform has over 12 million premium users.
Therefore, Telegram reports that in 2024, its revenue will exceed 1 billion USD for the first time, currently holding over 500 million USD in cash reserves (excluding crypto assets).
Mid-term goal
Within the daily and weekly time frames, the TON price is preparing for a significant breakout after being stuck in a triangular pattern for the past few months. If the TON price successfully breaks through the slant height of the macro triangular pattern, a bull market exceeding 10 will arrive in 2025.
From a bearish perspective, the price of TON may retest the support level near 4.44 USD before rebounding to an all-time high in the first half of 2025.