Amid the current crypto correction catalyzed by Bitcoin (BTC) price falling below $94,000, Toncoin (TON) price has retested a crucial support level around $4.8, which has been established in the last eight months. The large-cap layer one altcoin, with a fully diluted valuation of around $27.6 billion and a 24-hour average trading volume of around $285 million, has been forming a potential bullish continuation pattern.
On the weekly period, TON price has been forming a symmetrical descending triangular pattern, as the Relative Strength Index (RSI) bounces successively from the 50 percent level. Furthermore, TON price has successfully recovered from the 50-week simple moving average (SMA), suggesting a possible rally in the near term.
Why bet on Toncoin’s recovery in 2025
The Toncoin network has grown into a robust web3 ecosystem bolstered by Telegram mini apps in the recent past. The TON blockchain has already achieved over $1 billion in stablecoins, less than a year since the integration of Tether’s USDT. With a dozen DeFi projects, the TON project has grown to over $247 million in total value locked (TVL).
According to on-chain data analysis by IntoTheBlock, Telegram mini apps led by Notcoin (NOT) have boosted TON daily active users to over 5 million.
@ton_blockchain emerged as a huge success story in 2024, driven by widespread adoption of its Telegram applets.
These apps attracted widespread attention, driving TON’s daily active users to surpass 5 million by mid-year. pic.twitter.com/8RpTmHwHtv
– IntoTheBlock (@intotheblock) December 23, 2024
The success of the Toncoin network is greatly reinforced by Telegram, which achieved annual profitability in the first fiscal year of 2024. According to Pavel Durov, CEO and founder of Telegram, the social media platform has more than 12 million subscribers premium.
As a result, Telegram reported surpassing $1 billion in revenue in 2024 for the first time and currently has over $500 million in cash reserves, excluding crypto assets.
Mid-term goals
On the daily and weekly time frames, TON price is preparing for a major breakout after being stuck in a triangle pattern for the past few months. In case TON price successfully breaks above the hypotenuse of the triangular macro pattern, a bull run beyond 10 will be imminent in 2025.
From a bearish point of view, TON price could retest the support level around $4.44 before bouncing towards a new all-time high in the first half of 2025.
