According to U.Today, the Telegram Open Network (TON) token has experienced a notable 38% price increase over the past 48 hours. This surge has positioned TON among the top performers in terms of growth with high-tier market capitalization. The reasons behind this growth are multifaceted. Firstly, the general recovery of the crypto market, led by Ethereum's rise to $3,800, has contributed to TON's recent jump. As a leading cryptocurrency, Ethereum's movements often indicate a general market recovery.
Secondly, a major development specific to TON is Telegram's new initiative to introduce monetization for channel owners on their platform, starting with those who have 1,000 or more subscribers. TON is integrated into the Telegram ecosystem for these transactions. Additionally, TON seems to be more resilient to the typical corrections seen on the crypto market. This could be due to its unique position as a product directly tied to Telegram, providing it with a distinct growth path separate from other cryptocurrencies.
Currently, the token's price is soaring above $6, and its next challenge is the resistance level. If surpassed, this could indicate further growth potential. Given the current momentum and support levels, it is plausible that TON could continue its climb. The level to watch is $7, which appears to be a psychological threshold investors are hoping TON will break. However, the initial momentum is fading, and there is a possibility of a healthy correction. Despite these factors, TON’s future seems promising, especially if the market maintains its recovery trajectory. However, investors are advised to remain cautious and avoid rushing into trending assets.