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TON Bullish Pattern Signals Breakout Ahead — 40% Rally Loading?

Toncoin (TON), the native token of The Open Network (TON), has climbed over 5% in the past 24 hours, signaling renewed market demand. This rebound comes on the heels of a broader market downturn that saw TON decline alongside other major cryptocurrencies late last week. Amidst these small-scale movements, crypto analyst Ali Martinez notes the altcoin appears to be preparing for a major price breakout.

Toncoin Charts 40% Move As Triangle Hints At Breakout

In an X post on May 31, Ali Martinez shares an insightful take on the TON market. Using the 4-hour trading chart, the expert analyst highlights that TON’s price movement over the past four months has created a symmetrical triangle pattern hinting at the strong potential of a major price breakout.

The symmetrical triangle is a neutral chart pattern that reflects price compression due to the formation of higher lows and lower highs. Inherently, this chart pattern suggests neither the buyers or sellers are in affirmative control of the market, indicating there is much potential for a 40% price swing on either side.

TON

Currently, Toncoin trades around $3.16 following the recent price bounce. If market bulls force  a breakout from the upper boundary around $3.28, the altcoin is expected to trade as high as $4.55-$4.65. Meanwhile, a breakdown at the lower boundary around $3.10 could result in a market price between $1.80-$1.90.

Interestingly, TON’s relative strength index currently sits at 49.37 facing the upward direction which also suggests a neutral market while noting that bullish momentum is starting to build. A cross over 50 would provide bulls confirmation as TON makes its way to the overbought zone.

TON Market Overview

As earlier stated, TON continues to trade at $3.16 reflecting market gains of 5.12% and 4.62% in the past one and seven days, respectively. Telegram LLC which served as initial developers of TON and offers a deep integration with the cryptocurrency project has registered a series of positive developments contributing to these recent price leaps.

Most notably, Telegram founder Pavel Durov announced the platform’s partnership with xAI which would grant users in-app access to Grok, the prominent generative AI model. As part of this one year partnership, Telegram is to receive $300 million in cash and equity investment as well as earn 50% of all xAI revenue generated via the messaging platform.

With a market cap of $7.79 billion, Toncoin ranks as the ninth largest cryptocurrency in the world despite a year-on-year loss of 49.98%. 

TON

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TON-Based Memecoin DOGS Becomes Top 100 Largest Gainer With 30% Jump

Despite adverse market conditions, dogs (DOGS) saw a significant price jump in the last 24 hours. The token, launched on The Open Network (TON), saw a 34% surge amid the market volatility and the blockchain’s recent outage. Its performance propelled the price to a market cap above $800 million, fueling a bullish sentiment among investors.

TON-Based Memecoin Takes The Market By Storm

DOGS is a TON-based memecoin centered around a dog mascot, “Spotty,” created by Telegram’s founder, Pavel Durov. The project recently announced a massive airdrop and listing on major crypto exchanges, including Binance, OKX, and Bybit.

The DOGS airdrop would offer eligible users 440 billion tokens out of the 550 billion token supply. 81.5% of DOG tokens were allocated to the community, with 73% reserved for “Telegram Ogs, who earned DOGS in the app.”

The remaining 4.5% would reward traders, sticker creators, and future community members. Additionally, 10% of the supply was allocated for the project’s team and future development, while 8.5% was reserved for liquidity on CEXs and DEXs, and listing-related events.

After the listing on August 26, several crypto exchanges faced technical problems due to an “unprecedented surge in user activity.” The high on-chain activity temporarily disrupted the exchanges’ operations.

The activity increase also affected the Telegram Wallet. As announced on the Wallet’s Telegram channel, the launch “created quite a buzz,” temporarily unavailable the platform’s exchange feature.

The DOGS Community channel said the launch was “melting TON infrastructure.” The airdrop was also linked to TON’s overload on August 27. The community reported that the blockchain disrupted block production for approximately seven hours.

The TON Foundation explained that the network overload was related to DOG’s massive number of transactions. The network registered over 20 million transactions in the previous two days. This resulted in “garbage collection overloading many of the validators for enough time for them to lose consensus.”

DOGS Becomes The Largest Gainer In 24 Hours

The TON network issues were accompanied by a market retrace on Tuesday, which caused the industry to dip by over 7%. The crash caused Bitcoin (BTC) to lose its support above the $60,000 mark and dive straight to the $58,000 range.

While most cryptocurrencies followed the drop, DOGS remained unfazed by the adverse market conditions. Altcoin Sherpa highlighted that the token “didn’t move amidst all the volatility.”

Amid the turmoil, the new memecoin sensation hovered between the $0.00115-$0.001125 price range. The token saw a positive price action following the network’s restoration.

DOGS saw a remarkable 33.6% price jump in the early hours of Wednesday, going from the $0.00125 mark to the $0.00167 price range. After this performance, the memecoin became the largest gainer among the top 100 cryptocurrencies in the last 24 hours.

Additionally, it soared to a market capitalization above $843 million, making it the 92nd largest token by this metric. Since then, the cryptocurrency has retraced to a market cap of $800 million and a trading price of $0.00159.

TON, DOGS, DOGSUSDT