Toncoin accumulation increases, buy signal triggered

Toncoin (TON) just reached its 26-month-high after securing the top spot of the gainers’ list.

TON is up by 34.4% in the past 24 hours and is trading at $3.75 at the time of writing. The recent rally helped the asset secure the 13th spot among the leading cryptocurrencies with a total market cap of over $13 billion.

Moreover, Toncoin’s daily trading volume also rallied by 342% and is currently hovering around the $300 million mark.

According to data provided by Santiment, TON’s total open interest (OI) surged from $12.1 million on March 11 to $16 million at the reporting time. 

Per Santiment, Toncoin’s funding rate is currently sitting at 0.05%. This shows that traders are still betting on a further price rally unless the market takes a U-turn. 

Data shows that more than 226,000 TON tokens have entered the exchanges in the past 24 hours while over 302,000 TON coins were sent to self-custodial wallets in the same timeframe. The 76,000 TON exchange outflow shows that investors might be holding the asset for the long term rather than taking short-term profits.

At this point, the TON price-daily active addresses (DAA) divergence shows a buy signal, according to Santiment. The bullish signal shows that there’s less chance of whale price manipulation as more investors have participated in the price rally.

On March 11, Telegram founder Pavel Durov told the Financial Times that Telegram is finally ready for an initial public offering (IPO) as it has reached over 900 million users and a valuation of around $30 billion.

Last week, TON received an $8 million investment from Mirana Ventures to develop Telegram’s web3 “SuperApp.”