The Telegram-backed Layer-1 blockchain TON has recently surged above the $3 psychological threshold, driven by a series of NFT-related developments that have revolutionized the network’s ecosystem in recent weeks. Currently, Toncoin is trading at $2.99, representing a 2.4% increase from its intraday low of $2.92.
This surge in performance has helped TON maintain its market capitalization above $7.3 billion, solidifying its position as the 18th largest cryptocurrency by market value.
Blue-Chip NFTs Enter TON Territory
On June 19, the renowned Bored Ape Yacht Club (BAYC) announced its plans to launch the Bored Ape Originals sticker pack collection on Telegram, adding credibility to TON’s growing NFT niche. This announcement holds significant weight due to BAYC’s history of commanding premium prices for its NFTs.
Aside from BAYC, numerous other major NFT and intellectual property brands have also established a presence on Telegram and TON. Collections like Pudgy Penguins, Azuki, Doodles, and Moonbirds have all created unique sticker collections that maintain their brand aesthetics while adapting to the platform’s format.
Plush Pepe Mania Drives TON to #1—Can $5 Follow?
One NFT collection that has propelled TON to the forefront as a leading NFT blockchain is Plush Pepe, which has become one of the most expensive NFT collections by floor price across all blockchain networks. The collection’s prestige was further solidified when the founder of Moonbirds acquired a Plush Pepe NFT for $22,000, likening it to the CryptoPunks of TON NFTs.
Another variant of Plush Pepe was recently sold for 25,000 TON tokens (approximately $73,000), highlighting the premium status of the collection. The platform’s appeal has even attracted high-profile celebrities, with reports indicating that Snoop Dogg holds TON NFTs in his Telegram wallet.
NFT trading activity on TON has consistently outperformed other blockchains across various metrics. The network’s peak single-day performance recorded $9.7 million in trading volume, surpassing Ethereum and Solana in NFT activity for the same period.
Why TON’s NFT Boom Could Deliver 120% Gains
Industry experts believe that TON’s NFT ecosystem is still in its early stages, with the absence of TON-based collections on major platforms like Magic Eden and OpenSea. With Telegram’s massive user base exceeding 1 billion users, the potential for increased adoption could drive NFT prices higher.
As Toncoin serves as the utility token for these transactions, market analysts anticipate increased trading volume and positive market sentiment for the blockchain, potentially leading to upward price pressure for $TON. A cryptocurrency trader has identified a symmetrical triangle pattern on daily timeframes, suggesting that a successful breakout could generate 120-130% gains towards $5 in the near future.
Technical Analysis: $TON Eyes $3.50 Breakout
The TON/USDT daily chart indicates price consolidation around $2.99, with the cryptocurrency struggling to break through a symmetrical triangle formation. The $3.50 level is a key resistance that has rejected multiple upward attempts in the past. A successful breakout above this level could confirm a bullish reversal pattern, potentially leading to initial targets at $4.23, followed by $4.64 and $5.15.
Despite relatively subdued price action, the Relative Strength Index (RSI) shows mild bullish divergence, indicating potential for upward momentum. Current low volume conditions suggest a decisive directional move may be on the horizon. If TON can breach and sustain levels above $3.50, bullish momentum could accelerate towards mid-$4 price targets. However, failure to overcome resistance could result in a decline towards the ascending support trendline near $2.70.
In conclusion, the surge in NFT-related developments on the TON blockchain has propelled the network to new heights, with the potential for significant gains in the near future. The integration of major NFT collections and the platform’s appeal to high-profile users suggest a bright future for TON and its native token, Toncoin.