Toncoin is showing signs of strength both on-chain and on the charts, despite a minor pullback over the past 24 hours.
Summary
- TON is up 30% over the past month, supported by strong price structure and rising open interest.
- On-chain activity is climbing, with higher DEX volumes, chain fees, and stablecoin inflows.
- Technicals are mostly bullish, though momentum indicators suggest a short-term cooldown is possible.
At press time, Toncoin (TON) is trading at $3.56, down 1.3% on the day but still up 3.6% over the last week and 30% in the past month. The token remains in a healthy range, having fluctuated between $3.20 and $3.70 over the past week.
This price action comes as network usage and investor demand continue to rise. The 24-hour trading volume for TON has increased 3.3% to $324.8 million. Open interest, according to Coinglass data, is up 28%, reaching $13.61 million, a sign of growing investor engagement.
While derivatives volume fell by 10.5% to $263.4 million, the rise in open interest implies that traders are holding their positions longer, possibly anticipating a larger move.
On-chain metrics show healthy network momentum
Activity across the TON ecosystem has been rising steadily, as per DefiLlama data. Weekly decentralized exchange volumes jumped from $54 million in the week ending July 20, to $60 million the following week, and hit $82 million last week. Similarly, chain fees increased from $98,758 the week before to $124,112 last week, indicating a rise in user activity.
Stablecoin inflows are also rising, with TON’s stablecoin market cap growing from $600 million in mid-July to just under $800 million at press time. Stronger liquidity and more widespread decentralized finance engagement are frequently associated with this trend.
The narrative is being driven by major ecosystem developments. Binance Wallet made TON staking possible through its Earn feature on Aug. 1st, providing access to a $300,000 reward pool.
To support a Toncoin treasury firm, the TON Foundation and Kingsway Capital announced a $400 million fundraising effort a week earlier, further solidifying TON’s position as a treasury-grade asset.
Toncoin technical analysis
From a technical perspective, TON appears bullish. The 10-day EMA and SMA are both serving as support around $3.45, and the price action is still well above major moving averages. Strong momentum without immediate exhaustion is indicated by the relative strength index, which is currently at 67.4, just below the overbought threshold.
The Bollinger Bands indicate price action testing the upper band at $3.62, while the moving average convergence divergence maintains its upward signal with a positive cross. A breakout toward $3.80 might be the next upward target if TON closes above this resistance.
However, caution is warranted. The short-term momentum appears to be stalling, and the commodity channel index is in the sell zone at 125.6. TON might retreat toward support at the 20-day EMA close to $3.33 if bulls are unable to maintain volume.
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