What Does Toncoin’s Asian Expansion Mean For TON Price?

NAIROBI (CoinChapter.com) – Toncoin (TON) began trading on May 29 on Coins.ph, marking Toncoin’s entry into the Asian market and indicating a significant step in Toncoin’s Asian expansion. Coins.ph is a leading exchange in the Philippines and adding the new exchange enhances Toncoin’s regional influence. Also on May 29, Toncoin’s Total Value Locked (TVL) reached an all-time high of $640 million. This highlights its growing adoption and significance in the decentralized finance (DeFi) ecosystem.

Moreover, the TON Network’s advancements and growing appeal in the decentralized finance (DeFi) ecosystem have propelled Toncoin’s market capitalization to an impressive $22.17 billion. This growth has been driven by the increasing demand for Toncoin’s utility in various DeFi protocols and applications built on the TON blockchain. Consequently, the expanding use cases and adoption of Toncoin underscore its potential as a key player in the DeFi space.

Asian Expansion Unlocks New Growth Opportunities

Toncoin’s expansion into Asian markets has significantly boosted its user base and transaction volume. Daily active addresses have surged to 488,890, reflecting increased adoption. The integration with Coins.ph, a major Southeast Asian crypto exchange, has made TON accessible to a broader audience, enhancing its liquidity and trading volume.

Additionally, the TON Network is experiencing a surge in daily transactions, active addresses, and DEX volumes. This highlights growing adoption and utilization. Notably, daily transactions have increased by 5.7%, active addresses by 52.1%, and DEX volumes have reached $121.8 million. This demonstrates the network’s significant traction.

Moreover, Toncoin’s Total Value Locked (TVL) has steadily increased throughout 2024. It started at $72 million on January 1 and soared to an impressive $640 million on May 29. Predominantly, Tonstakers, a key liquid staking solution within the Toncoin ecosystem, drives this growth, managing $232 million in TVL. This year, the liquid staking sector has captured considerable interest. This reflects similar trends in the Ethereum blockchain, where LDO currently maintains the largest TVL.

Technical Indicators Signal Potential Breakout

As of May 31, 2024, Toncoin (TON) trades at $6.41, reflecting a daily decrease of 1.36%. The market capitalization stands at $15,469,837,749, placing Toncoin at rank #10 in the crypto market. Over the past 24 hours, the trading volume has recorded $132,155,533.

Moreover, Toncoin’s chart indicates it is trading near the key resistance at $6.50. Breaking this resistance could yield further gains. The 50-day and 200-day Exponential Moving Averages are $5.991 and $4.169, showing a strong upward trend. The chart also highlights critical Fibonacci retracement levels, with the 0.236 level at $6.684 and the 0.618 level at $7.792, indicating potential price targets.

Additionally, the Relative Strength Index (RSI) for Toncoin stands at a neutral 54.31, suggesting neither overbought nor oversold conditions. This indicates a balanced market sentiment, with potential for both upward and downward movements. Finally, the Chaikin Money Flow (CMF) indicator at 0.10 shows a positive inflow of capital, reinforcing the bullish sentiment among investors.