740,000,000 Toncoin Forms Major Support, Is TON Price Safe?

Toncoin (TON) has suffered a 3% decline in the last 24 hours, dropping from $3.50 to its current level. Despite this decline, TON price was trading above a critical demand zone in the ecosystem, which remains crucial support for the asset.

Psychological floor emerges for TON at $3.24

Ali Martinez, a renowned on-chain analyst, in an update on X highlighted a strong buying interest zone for Toncoin.

Notably, 1.21 million wallets previously acquired 740 million TON at the $3.24 price level. This suggests widespread accumulation at this price level and might become a psychological support level.

As of press time, Toncoin was changing hands at $3.39, representing a 2.02% decline. Meanwhile, trading volume has decreased slightly by 0.64% to $785.66 million.

However, Ali maintains that with so many wallets accumulating such a large volume of Toncoin at the $3.24 level, these buyers could defend TON by buying more if the price drops. This might prevent further declines and help make this price a key support level.

In the chart shared by Ali, 889.87 million TON valued at $2.93 billion are currently "In The Money," representing 90.26%. Less than 10%, or 95.46 million TON worth $314.32 million, are "Out of the Money."

This indicates that with over 90% of addresses being profitable, the Toncoin ecosystem is bullish and unlikely to dip further.

Could Toncoin challenge Stellar in market cap ranking?

As U.Today reported, Toncoin recently flipped Shiba Inu (SHIB) after it surged by a staggering 15% as talks of a partnership between Telegram and Grok filtered into the market. As the ecosystem anticipates details, the bullish sentiment could stabilize TON’s price above the key support level.

If TON bulls could drive up volume with a buying spree, it could trigger a rally for Toncoin to solidify its 16th position in the ranking of cryptocurrencies by market capitalization. A sustained rally could see it challenge Stellar for 15th place.