Why Is Toncoin (TON) Price Pumping? How High Can It Go?

Toncoin's price jumped a lot today, becoming the biggest riser in crypto. It's now at $3.44, up over 16% in just 24 hours.

Toncoin price is spiking today, becoming the biggest mover in the crypto market. The cryptocurrency’s price surged by over 16% over the last 24 hours as it trades at $3.44 at the time of writing.

Furthermore, the trading volume has exploded by over 455%, suggesting massive participation in the market.

The price increase follows reports by AFP that French authorities have authorized Pavel Durov, the founder of Telegram, to return to Dubai.

The report comes after Durov was detained in France due to his absence at a court hearing in 2019 in a case concerning a former business partner. However, despite the arrest, the court ultimately decided to release him and authorized his return to Dubai, as stated by the report.

Top analyst Crypto Patel highlighted the event on X as he wrote: "Telegram Founder Pavel Durov has officially left France for Dubai with court authorization - AFP."

He also noted that TON price has since rebounded from the $2.50 support level, which might indicate a strong technical setup.

TON Technical Analysis: Key Levels To Watch

Looking at the price movements of Toncoin, things seem to be setting up well for the long term. The price has been holding in a range between $2.40 and $3.00, which appears to be providing good support.

After breaking through this range earlier, the price dropped back to test this level but ultimately failed to fall below it, which is a positive sign. For investors interested in holding TON for the long term, this price range might present a valuable opportunity.

On the other hand, if we move up, the next interesting barrier to watch is at $5.00. A move above this price could lead to more significant increases and potentially set up higher price targets.

As the chart shows, it seems that TON could be moving in cycles over the next few years, with some traders setting a price target of $50 for the token.

As for the market’s reaction to Pavel Durov’s situation, it seems that investors are closely following the narrative. The rapid increase in price and the huge volume activity highlight the market’s sensitivity to any news related to Telegram.

With the token now moving up sharply, the key level to watch going forward will be $5.00. If the buyers can manage to keep the price action above this barrier, we can expect further increases.

As long as the price stays above the $2.40-$3.00 range, the outlook will remain bullish. However, a drop below this level might open the door for further price declines.

Finally, market participants will likely keep an eye on any fundamental updates from Telegram and further price action near key levels to determine the token’s next direction.