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The Toncoin price jumped 7% in the last 24 hours to trade at $6.08 as of 4 a.m. EST on trading volume that surged 27% to $199.3 million.
Toncoin price surged at the start of the month as the project concluded the Open League Season 1 — 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 Season 1 brought “an absolute madness” in terms of growth for the ecosystem, enabling TON to hit new ATHs, distribute $9 million in TON and ecosystem token airdrops, and see 894k participants join the event.
𝐖𝐡𝐚𝐭'𝐬 𝐠𝐨𝐨𝐝 𝐂𝐡𝐚𝐝𝐬?! 𝐓𝐡𝐞 𝐎𝐩𝐞𝐧 𝐋𝐞𝐚𝐠𝐮𝐞 𝐒𝐞𝐚𝐬𝐨𝐧 𝟏 𝐢𝐬 𝐨𝐟𝐟𝐢𝐜𝐢𝐚𝐥𝐥𝐲 𝐨𝐯𝐞𝐫 😎💎
Season 1 has been an absolute madness in terms of growth for #TON Ecosystem.
– New ATHs across every sectors
– $9M in $TON and ecosystem token airdrops
– 894k… pic.twitter.com/w7sdB0RbXz— TON 💎 (@ton_blockchain) May 4, 2024
More than that, TON also announced the start of the Open League Season 2, which will continue to distribute the $150 million prize pool to the TON community. However, it also warned that this time, the event would only last for two weeks, and it had already started on May 1.
9/ What's next?!
The Open League Season 2 has already started! We continue to distribute the $150M+ prize pool to #TON Community!
But this time you only got 2 Weeks 🤫
Join -> Learn -> Compete -> Win prizeshttps://t.co/kUqfjitRhb
— TON 💎 (@ton_blockchain) May 4, 2024
The rush to join is likely what caused the token’s price to skyrocket, and while it is still far from its ATH, seen in early April, its price surged to $6.20 earlier, showing great interest among community members.
Toncoin Price Prediction
While the Toncoin price surged in the last 24 hours, traders are questioning how high the price can climb before the inevitable correction takes place. To try and determine this, many have started considering technical indicators, such as the project’s Bollinger bands.
Right now, the bands are seeing further widening despite already being quite wide to begin with, which is a bullish signal, indicating that the price could continue to climb. However, this signal is also in contrast with the project’s Relative Strength Index (RSI).
Right now, the TON token’s RSI has ventured deeply into the overbought territory, which is usually when traders start selling. The RSI score shows whether the traders are buying, selling, or managing to balance the two activities, in which case the value tends to be mostly neutral.
However, the neutral value is at 50, while the current RSI value sits at 74.28, suggesting that the bulls are driving the price through excessive purchases. The problem is that many traders tend to take profit once RSI climbs this high, which pushes the price back down.
On the plus side, the broader market is seeing its own bullish surge, and most cryptos are now trading in the green, which could continue to push TON further up even though RSI value suggests that it is time to start selling.
In terms of price, the token could return to its resistance at $6.20 and breach it this time, which would allow it an opportunity to keep going up toward its all-time high, currently at $7.65 as of April 11.
Alternatively, if the bearish market takes over, TON could drop back down to a support at $6, or potentially to $5.90.
Promising Alternative to Toncoin
As Toncoin might be reaching its limit, traders interested in alternative projects with great potential might consider Sponge V2 (SPONGE). As the name suggests, this is a new version of the SPONGE token, which saw a 100x pump after initially launching in 2023.
This project is based on SpongeBob SquarePants memes, and as such, it has nothing to do with the actual SpongeBob brand or Nickelodeon. It was inspired by the memes and when it first launched, it saw great success. Then, its developers decided to discontinue the original and create a V2, making it even bigger and better in the process, which led to the creation of Sponge V2.
All the original SPONGE tokens were bridged to V2, and the project also allows users to stake their cryptos and earn 163% in rewards.
Stake your $SPONGE, or else… 🧽#SpongeV2 #MemeCoin #Halving pic.twitter.com/VAmdiLKHZ7
— $SPONGE (@spongeoneth) April 12, 2024
So far, V2 has seen massive success for those who bought early, as the V1 launch price was $0.000025, and right now, the token’s price is $0.001705, meaning that the price is 6,820% higher than when V1 launched.
Meanwhile, the total amount bridged and staked sits at $19.4 million. But, even those who did not buy V1 can still buy and stake SPONGE tokens.
The project lets users buy SPONGE with ETH, USDT, MATIC, or credit/debit cards on its website. The token will soon see listings on exchanges, so this is the last time to buy before a new potential pump that could take SPONGE higher than ever before.
Visit the SPONGE website here.
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