Toncoin prices have risen by 7% in the past 24 hours to $6.08 per coin, with trading volume surging by 27% to $199.3 million. Toncoin prices saw a sharp rise earlier this month as the project concluded the first season of the Open League, a long-term incentive program designed to bring rewards to TON users, projects, teams, and traders. The project noted in a post on X that the first season brought "absolute insanity" to the growth of the ecosystem, bringing TON to a new all-time high, distributing $9 million in TON and ecosystem token airdrops, and attracting 894,000 participants to join the event.
In addition, TON also announced the start of the second season of the Open League, which will continue to distribute a $150 million prize pool to the TON community. However, it also warned that this time the event will only last for two weeks and will start on May 1.
The rush to join may be the reason for the surge in the token’s price, which, although still far from its all-time high in early April, had previously soared to $6.20, showing strong interest from community members.
Toncoin Price Prediction
Despite the Toncoin price rally over the past 24 hours, traders are questioning how high the price can go before the inevitable correction sets in. To try and determine this, many have begun looking to technical indicators, such as the project’s Bollinger Bands.
Currently, despite being quite wide, the Bollinger Bands are still expanding further, which is a bullish sign that the price may continue to rise. However, this signal is in contrast to the project’s relative strength index (RSI).
Currently, the RSI for TON tokens has dipped deep into overbought territory, which is usually when traders start to sell. The RSI score shows whether traders are buying, selling, or trying to balance both activities, and when the value tends to be neutral, traders tend to take profits.
However, the neutral value is 50, while the current RSI value is 74.28, which suggests that bulls are pushing the price through excessive buying. The problem is that once the RSI rises to such high levels, many traders tend to take profits, thus pushing the price back.
The good news is that there is also bullish momentum across the market with most cryptocurrencies now trading in profit, which could continue to drive TON higher, although the RSI value suggests that now is the time to start selling.
Price-wise, the coin may return to the $6.20 resistance level and have a chance to continue rising after this breakout, with the current all-time high at $7.65 as of April 11.
Alternatively, if the bearish market takes over, TON could fall back to the $6 support level or potentially to $5.90.
Promising Alternatives to Toncoin
As Toncoin may have reached its limit, traders interested in alternative projects with great potential can consider Sponge V2 (SPONGE). As the name suggests, this is a new version of the SPONGE token, which experienced a 100x increase after its initial launch in 2023.
The project is based on the SpongeBob meme, so it has nothing to do with the real SpongeBob brand or Nickelodeon. It was inspired by the meme and was a huge success when it first launched. Then, its developers decided to discontinue the original and create V2, making it bigger and better in the process, thus giving birth to Sponge V2.
All original SPONGE tokens have been bridged to V2, and the project also allows users to stake their cryptocurrencies and receive 163% in return.
So far, V2 has been a huge success for those who bought in early, as V1 launched at $0.000025 and the token is now priced at $0.001705, meaning the price is 6,820% higher than when V1 launched.
At the same time, the total amount of bridged and staked is $19.4 million. However, even those who did not purchase V1 can still purchase and stake SPONGE tokens.
The project allows users to purchase SPONGE tokens on its website using ETH, USDT, MATIC, or credit/debit cards. The token will soon be listed on exchanges, so this is the last chance to buy before a new potential rally that could take SPONGE tokens to unprecedented highs.
To visit the SPONGE website please click here.
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