Toncoin, associated with Telegram, experiences a remarkable 50% surge in May due to three compelling factors.

The price of Toncoin (TON), the cryptocurrency linked to Telegram, has experienced a strong rebound this month, surging by approximately 50% month-to-date. In the past 24 hours alone, it has seen a 15% increase, reaching its highest level in three weeks at $7.10 on May 10.
This performance sets Toncoin apart from the broader crypto market, which has only seen a 15% bounce in valuation over the same period. While Toncoin’s movements are somewhat aligned with other leading cryptocurrencies, it has stronger catalysts that have enabled more substantial growth.
One of these catalysts is the upcoming launch of Notcoin, a play-to-earn game, on May 16. Notcoin is a social clicking game that operates within the Telegram app. Players can earn a digital currency called Notcoin by repeatedly tapping a golden coin displayed on the screen. Over 34.5 million players have participated in the “mining” of these Notcoin tokens. The Notcoin team has confirmed an airdrop of a new native crypto, NOT, to the 34.5 million Notcoin tokenholders, which will start functioning atop the TON blockchain from May 16.
Additionally, NOT will be available for trading on leading crypto exchange platforms, including Binance and Bybit, on the same day. The days leading to the NOT launch have seen a significant rise in the total value locked (TVL) across the TON network. As of May 10, the TVL was 40.58 million TON, a 33% increase in May and a sevenfold increase so far in 2024, highlighting the strong demand for Toncoin.
Furthermore, the integration of Tether (USDT) stablecoins on the TON blockchain has also contributed to the rising TVL.
Another factor driving Toncoin’s price is the undisclosed investment made by Pantera Capital in The Open Network on May 2. Pantera Capital cited the integration of The Open Network with the Telegram messaging service in April as the primary reason behind the investment. The partnership between The Open Network and Telegram positions the former to become one of the largest crypto networks, given Telegram’s massive reachability with 900 million monthly users and 36.7 million monthly downloads.
Since the announcement of Pantera Capital’s investment, the value of Toncoin has risen by approximately 46%, indicating a positive market response to these developments.
From a technical perspective, Toncoin’s recent gains have been driven by a rebound from a key support confluence, marked by an ascending trendline, the 50-day exponential moving average (EMA), and the 0.618 Fibonacci retracement level. This support zone has played a critical role in Toncoin’s price movements.
Based on fractal analysis, Toncoin’s behavior around these support levels, indicated by the daily relative strength index (RSI) and EMAs, mimics its previous price movements. As of May 10, Toncoin’s price has tested its 0.236 Fibonacci line at around $7.17 as resistance. If it can break this resistance, it may experience an extended rebound toward the 0.0 Fibonacci line at approximately $8.77, representing a potential 22% increase in May.
On the other hand, if Toncoin faces a pullback from the 0.382 Fibonacci line resistance, it could target the 0.382 Fibonacci line at around $6.19 as its immediate downside target. A decisive break below this level would put the price at risk of declining toward $5.40 in May, aligning with the ascending trendline support and the 0.5 Fibonacci line.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when it comes to investments and trading.