Why is Toncoin (TON) Rising Today?
The post Why is Toncoin (TON) Rising Today? appeared first on Coinpedia Fintech News
Today, March 16, 2025, Toncoin (TON) is making waves in the cryptocurrency market following the release of Telegram founder Pavel Durov from France. While major assets struggle to gain momentum, TON has defied the market trend, registering a significant 16% price surge in the past 24 hours.
Reason Behind Toncoin (TON) Price Jump
The asset witnessed a notable price decline in the past after Pavel was arrested in France on August 24, 2024. Data reveals that during that period, TON lost almost 35% of its gains, with its price plummeting from $6.88 to $4.44 by September 2024.
However, the asset regained some optimism after pro-crypto Donald Trump won the U.S. Presidential Election, leading to a significant surge that pushed its price to $7.20. However, due to economic tensions and trade wars, overall sentiment in the crypto landscape shifted.
Along with other assets, TON witnessed a price drop of over 65%, hitting a low of $2.36 on March 11, 2025.
Current Price Momentum and Upcoming Levels
Currently, TON is trading near $3.35 and has surged over 16% in the past 24 hours. During the same period, the asset attracted traders and investors, leading to significant participation and a 260% jump in trading volume.
With this surge in TON’s price, the asset has reached a crucial resistance level of $3.50 and seems to be struggling to break through.
Based on recent price action and historical patterns, if TON breaches this resistance and closes a daily candle above $3.50, there is a strong possibility that it could continue to rise, potentially gaining another 25% to reach the $4.80 level in the near future.
