Toncoin (TON) Skyrockets 71% in Volume as Bulls Return

Toncoin ($TON) has made a grand comeback after its recent price collapse. The price of $TON went downhill on Tuesday to hit the $5.10 level. Notably, the coin was trading around $6.81 on Sunday. Although the price has not fully recovered, it has shed major losses today in a comeback that has stunned the community.

As of writing this story, Toncoin is trading at $5.60 after a jump of 0.9% in the last 24 hours. While the coin is still down 17.44% over the last 30 days, some bullish signals have emerged for it. These metrics are hinting toward a potential short term rally, which can take $TON back to the $6.5 range.

Toncoin’s potential rally

The 24-hour trading volume of Toncoin, as per CoinGlass, has surged 71.19% to hit the $2.64 billion level. The coin is seeing an influx of traders on all major crypto exchanges. Binance, the largest crypto exchange in the market, leads the way with $1.22 billion in volume, followed by Bybit at $829.22 million and OKX at $394.43 million, among others.

The rising trading activity of $TON hints at the resurgence of bulls after the recent price crash. It seems that the panic selling is over and Toncoin has entered a buying zone, where traders are jumping on the bandwagon. This is a crucial moment for the $TON price, as this support from bulls can help it trigger the potential rally.

Toncoin is the native currency of The Open Network ($TON), a Telegram based blockchain. The $TON network recently saw a severe outage that led to this recent crash for the Toncoin price. However, the $TON team confirmed on Wednesday that the network is fully operational and back online. This resumption of operations led to this moderate price recovery for $TON as more gains are expected.