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The broader crypto ecosystem suffered a steady sell-off in Bitcoin’s price, which also fueled a slip in altcoins like Toncoin (TON). While different altcoins suffered varying sell-offs, Toncoin fell by more than 4% in 24 hours to $6.52. Amid the sell-off, the coin dropped as low as $6.32 before cresting at the current level.
Toncoin volume to rescue
Within the same period, Toncoin saw a massive surge in its daily trading volume, indicating sustained interest among buyers. Per data from CoinMarketCap, this performance metric rallied by over 31.64% to $344.87 million.
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For reference, some digital currencies suffered a drawdown in volume as the broader market saw more than $447 million in liquidations. With Toncoin, the impact of this trading volume is impressive as it implies the influx of this liquidity that can eventually stabilize prices.
Toncoin has struggled over the past month, as it has lost its place in the top 10 list of the most advanced coins. However, TON whales have remained active over the same period, helping to boost the coin’s price.
TON remains an active layer-1 blockchain, powering the growing list of Telegram-based dApps.
How high will TON soar?
With the trading volume boost, the price of TON is now in recovery mode.
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Riding on its correlation with Bitcoin, TON’s price might have hit its temporary floor price. Bitcoin is retesting the $100,000 benchmark following the update that MicroStrategy has acquired another 21,550 BTC for $2.1 billion, raising its total stash to 423,650 BTC.
The top coin is known for wielding its bullish rally on altcoins, and TON has the on-chain boost to ride the ongoing price rally. With the renewed uptrend, the coin is likely to retest its 30-day high of $7.20 as it looks to retest its previous all-time high (ATH) of $8.24 that it attained six months ago.