Toncoin in the Green Again

The cryptocurrency market has encountered substantial volatility, with numerous digital assets seeing sharp declines.

Despite this broader downturn, Toncoin (TON) has begun to show signs of recovery after Telegram CEO Pavel Durov's arrest and subsequent release on bail.

The critical question now is whether this bullish momentum can be sustained, especially given the rising influence of market whales and shifting investor sentiment.

Toncoin's Recent Positive Price Movement

Amidst a challenging market environment, Toncoin has shown notable resilience.

According to CoinMarketCap, while Toncoin's price fell by 0.64% over the last seven days, it experienced a rebound in the last 24 hours, trading at $5.24—a 1.03% increase.

This recent uptick in price has positively influenced market sentiment, indicating that investors are becoming more optimistic about the token's short-term prospects.

Selling Pressure Easing Among Toncoin Investors

In the wake of Durov's arrest, active deposits surged, triggering panic selling.

However, these deposits are now rapidly declining, suggesting a shift in investor sentiment from panic to optimism.

As active deposits wane, Toncoin is poised to recover, with recent data indicating that the selling pressure is diminishing.

This trend may reflect a resurgence of confidence among Toncoin investors, hinting at a potential rebound in the cryptocurrency's price.

TON Network Surpassed 1 Billion Transactions

The TON network has achieved a significant milestone by surpassing one billion transactions.

The surge in wallet creation and transactions came just a day after the network experienced a freeze.

The bottleneck on 28 August occurred as a result of the DOGS airdrop, which triggered a massive influx of transactions and wallet activity.

Data from tonstats reveals a steady increase in on-chain activities, with newly created wallets rising to 14.39 million on 29 August, up from 11.65 million on 2 August.

Currently, over 100,000 new wallets are activated daily, and more than 600,000 wallets are engaged in transactions each day.

This robust activity underscores the growing momentum within the TON network.

Toncoin Facing Bullish Breakout or Bearish Breakdown?

TON has established a bullish descending triangle pattern on the four-hour chart and is currently in a narrow trading range, positioning itself for a potential breakout.

Technical analysis indicates that TON is testing a critical support level at $5.08.

Over the past 20 hours, it has consolidated between $5.10 and $5.24.

A breakout above $5.30 could propel the price up by 15% to $6.

Conversely, if TON falls below $5.08 and closes a four-hour candle beneath this support, a significant sell-off might follow.

Despite the challenges, the TON blockchain is gaining substantial traction within the crypto community.

The rise in new wallets and daily transactions highlights the network’s growing appeal, driven by popular trends such as tap-to-earn games and airdrops.