- On Monday, Toncoin’s price is around $3.90 after a nearly 6% increase the previous week.
- On Thursday, the TON Foundation revealed it had secured over $400 million in Toncoin from venture capital firms in March.
- The technical analysis and open interest indicate a potential continuation of the rally, aiming for $4.60.
As of Monday, Toncoin (TON) is trading around $3.90, following a nearly 6% surge the week before. The TON Foundation disclosed on Thursday that it raised over $400 million in Toncoin from various venture capital firms in March. Technical insights and open interest point towards a sustained rally, targeting $4.60.
TON announces $400 million in venture capital investments
On Thursday, the TON Foundation announced that it had gathered over $400 million in Toncoin from several notable venture capital firms in March. Participants included Sequoia Capital, Benchmark, Ribbit Capital, Draper Associates, Vy Capital, Kingsway, CoinFund, Hypersphere, and others.
“The magnitude of this round and the esteemed names involved make it one of the most significant institutional investments in the cryptocurrency sector in recent times,” stated Ton’s blog post.
In the last two years, activity in the crypto venture space has slowed considerably. The scale of this funding round and the prominent involvement signals a resurgence of institutional interest—especially since it occurred in Toncoin tokens instead of equity. This demonstrates strong belief in the token as a unit of value, allowing investors access to the network’s economy without the complexities of legal frameworks or intermediaries. This brings capital closer to actual usage and reduces the gap between investment and utility, thus enhancing the positive outlook for Toncoin.
Another positive indicator is that TON’s Open Interest (OI) has reached a new yearly peak. Data from Coinglass shows that the futures’ OI in TON across exchanges grew from $151.28 million on March 26 to $192.20 million on Monday, marking the highest level this year. An increase in OI signifies that new or additional funds are entering the market, hinting at potential upward movement in TON’s price.
TON’s Open Interest chart. Source: Coinglass
Toncoin’s technical analysis suggests a potential move toward $4.60
Toncoin’s price broke through a descending trendline established by connecting several highs since early December in mid-March, consolidating in the days that followed. After announcing the $400 million investment from notable venture capital firms on Thursday, TON surged more than 10% on that day, followed by corrections over Friday and Saturday. By Sunday, it found support around the daily level at $3.68 and saw a rally of 5.22%. Currently, it maintains a position near $3.90.
Should the daily support of $3.68 hold, TON might continue to extend its rally to retest the resistance level at $4.62.
The Relative Strength Index (RSI) on the daily chart is reading 60, above the neutral level of 50, indicating increasing bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicated a bullish crossover last week, providing a buy signal and suggesting a continuation of the upward trend.
TON/USDT daily chart
However, if TON falls below the daily support level of $3.68, it could potentially decline to re-test its low of $3.32 from March 16.