28 Mar 2025 Samantha McLauren
TON May Skyrocket 60% After A $400 Million Fundraiser
After Telegram founder Pavel Durov departs from France, Toncoin (TON) may soar in the upcoming weeks as it continues to outperform the larger cryptocurrency market. After its parent blockchain, The Open Network, raised more than $400 million in funding, the cryptocurrency is continuing to rise.
The end of Toncoin's months-long downward trend may be imminent as it has emerged from an inverse head and shoulders (IH&S) pattern, a traditional bullish reversal setup.
After TON fell to a low of about $2.30 in February 2025, the formation started. With neckline resistance close to the $3.88 level, the token has since steadily developed its left shoulder, head, and right shoulder, and is currently aiming for a breach.
Source: TradingView
On March 27, TON/USDT experienced a brief rally above the neckline, closing at $3.817 after a robust 3.78% daily gain. The bullish argument was further reinforced by the breakout's noteworthy correlation with an increase in daily volume and a bullish crossover of the 50-day exponential moving average (EMA).
The distance between the neckline and the bottom of the head is measured and added to the breakout point to determine the upside target based on the technical setup of the pattern. When compared to current prices, the projected target is approximately $6.16, which represents a rise of more than 60%.
The Relative Strength Index (RSI) has risen to 61.91, surpassing the 50-neutral level and heading toward increasing buying pressure, adding to the bullish momentum.
For a retest, traders should be on the lookout for possible pullbacks toward the neckline, which could confirm the breakout prior to a higher continuation.
At $4.68, close to the 200-day EMA, there is immediate resistance. A strong rise above that level might pave the way for a rally toward the measured target of $6.16.
The TON Foundation has raised $400 million
Leading venture capital firms have contributed more than $400 million to Toncoin, the native cryptocurrency of The Open Network (TON), according to a statement released by the TON Foundation. Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital, Draper Associates, and Libertus Capital are notable investors.
Instead of a conventional fundraising round, this investment is set up as direct purchases of Toncoin from early holders.
These companies are "putting their bets on the future success and utility of the TON Blockchain, its expanding ecosystem, and its potential to provide real-world utility for crypto holdings, especially within Telegram," according to a TON Foundation spokesperson.
The money is intended to help TON's ambitious plan to reach over 450 million active Telegram users by 2028, or roughly 30% of the total user base. This investment has the potential to accelerate the adoption of blockchain technology and improve the Telegram ecosystem.
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