TON Price Rallies 10% on Binance Listing: What’s Next for Toncoin?
What's Next for TON After Binance Listing? | Credit: Hameem Sarwar
Key Takeaways
- Binance announced the listing of Toncoin on August 8, 2024.
- Toncoin (TON) price increased 10% after the announcement.
- Can TON maintain its momentum toward a new all-time high?
Toncoin has been one of 2024’s breakout stars, soaring over 170% in value. This impressive rise is primarily driven by its deepening ties with Telegram and the wave of new development projects in the pipeline.
As Toncoin continues to gain momentum, its recent listing on Binance opens the door to one of the world’s largest crypto exchanges, unlocking vast new trading volumes. With this increasing hype, could Toncoin be on the verge of another all-time high?
Binance Announces Toncoin Listing
The listing comes after Binance launched Toncoin perpetual futures contracts on March 1 due to increasing interest and demand. The listing could further expand TON’s accessibility to a broader range of investors.
Binance is listing Toncoin with four trading pairs:
- TON/BTC
- TON/USDT
- TON/FDUSD
- TON/TRY
Binance has already opened deposits and trading for Toncoin, with withdrawals set to begin on August 9.
Unlike regular listings, Binance has added a seed tag to Toncoin, indicating higher volatility and risk.
While the seed tag is usually reserved for smaller projects, it’s unusual for Toncoin, which launched in 2021 and is already the ninth-largest cryptocurrency by market capitalization.
Toncoin’s Total Value Locked (TVL) has surged past $800 million, a tenfold increase since the start of the year.
This growth is mainly due to the integration of USDT on the network and the popularity of games like Notcoin and Hamster Kombat.
The latter has driven daily active addresses to nearly 1,000, a significant jump from just 100 earlier in the year.
Following the listing, TON’s price jumped about 10%, mirroring its performance after Binance announced TON futures contracts on March 1.
Will TON Reach Another All-Time High?
The most likely wave count for Toncoin suggests that the price is currently in the fourth wave of a five-wave increase that began in June 2022. Wave three extended and peaked at an all-time high of $8.28 in June 2023.
At this stage, it’s uncertain which pattern wave four will form, but the most common is a symmetrical triangle. If this pattern holds, TON is expected to consolidate within the triangle for the remainder of the year, with a potential breakout occurring in early 2025, based on the length of wave three.
A more bearish scenario involves an A-B-C corrective structure, possibly ending near $4, before the fifth wave begins, leading to another upward move.
The exact top of wave five will become clearer once wave four is complete. However, an initial target based on the 4.61 extension of wave one suggests that TON could reach approximately $10.77 by the end of the current increase.
