Toncoin climbs above December resistance at $1.7 – Time to buy it now?
Toncoin [TON] rallied by 2% over the past 24 hours, with the crypto up by 12.5% over the previous week of buying and selling. This bullish momentum was doubtless pushed by Telegram’s transfer to launch its self-custodial pockets within the US.
Founding father of funding agency Skybridge Capital, Anthony Scaramucci, additionally commented on the token just lately. Chatting with Altcoin Each day, the Wall Avenue financier picked Toncoin as certainly one of his high three picks for 2026.
Telegram community development over time would drive extra demand for TON, he posited, whereas additionally admitting to purchasing the token when it was priced at $7.50. TON was buying and selling at $1.72, on the time of writing.
Supply: TON/USDT on TradingView
The imbalance on the 1-day timeframe from November served as a provide zone all through December. It was breached in the beginning of the brand new 12 months, sparking curiosity from merchants and traders.
Must you purchase TON too?
The on-chain metrics weren’t too encouraging for potential traders. The Open Curiosity has climbed since October, however it’s nonetheless properly down from its peak in August. In reality, the imply coin age has not trended larger since October – A worrying signal.
This mirrored a scarcity of network-wide accumulation. As a substitute, there have been frequent sell-offs, pushed by panic or profit-taking. The MVRV has been rising too, however nonetheless detrimental. It meant that TON holders of the previous three months have been, on common, dealing with minor losses.
Token Terminal information confirmed that the weekly TON energetic person rely has been flat over the previous 12 months after a speedy spike in the direction of the top of 2024.
Lastly, the availability distribution revealed that solely small Toncoin holders have been shopping for and holding. The bigger cohorts have been promoting, as evidenced by the falling variety of wallets holding 1k or extra TON.
Traders should additionally contemplate the altcoin market’s common underperformance in 2025. Aside from the June-September window, Bitcoin has been a stronger asset, and ETFs and digital asset treasuries could make it more durable for altcoins to grab public creativeness than in earlier cycles.
Total, Toncoin doesn’t present important promise in its value motion or on-chain metrics to persuade traders to purchase the token. It may see a short-term bounce from the $1.70 assist to achieve the retracement ranges at $1.89 and $2.01 although.
Ultimate Ideas
- TON’s current momentum pushed by Telegram’s transfer to launch its self-custodial pockets within the US.
- Skybridge Capital’s founder additionally overrated the altcoin just lately.
