Toncoin ($TON), the native token of The Open Network (TON), is in the spotlight following a strong bullish setup. According to CoinMarketCap, the Toncoin ($TON) price is $3.71, having increased by 2.89% over the past 24 hours.
The token has a market value of $9.21 billion, making it the 12th largest cryptocurrency. Investor interest is also rising as trading volumes increased by 20.22% to $138.14 million in the past day.
Technical analysis shows that the TON price is bullish if it stays above critical support levels.
Is Toncoin Price About to Make a Big Rally?
Crypto analyst Crypto Patel, with nearly 75,000 followers on X, recently tweeted that TON has a key support level at $2.50. At the time of the tweet, Toncoin was trading within a price range of $2.50 to $3.50.
The analysis indicates that the bullish trend will continue as long as TON remains above the $2.30 to $2.50 range.
The technical chart shared shows the potential for a long-term price breakout, which could lead to much higher prices. The tweet suggests possible targets for the price move of $20, $30, $40, $50, and even $100, implying that it will increase significantly if the TON price keeps increasing.
The Toncoin ($TON) price has already surpassed the $3.50 barrier within the accumulation range, indicating investor interest. If TON remains above this level, it might keep rising and eventually reach the first major target of $20.
However, the possibility of Toncoin reaching $100 represents a substantial increase from its current price of $3.71, necessitating a growth of approximately 2,594%. While this is possible in the long run, it is not likely to happen in 2025, as it would have to hit a market capitalization of $248 billion.
In addition, the critical invalidation level for this bullish outlook is $2.30. If the Toncoin price falls below this level and fails to reclaim it, bearish momentum may take over.
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