Toncoin (TON) Price Records a Mild Correction, Dropping 4% to Trade at $3.09

The wider altcoin market, including Toncoin (TON), recorded a mild correction in the past 24 hours. After an impressive rally last week, the wider altcoin market experienced a significant cooling down of the bullish sentiment, hence resulting in $357 million forced liquidations of long traders.

The cryptocurrency market is known for its volatility, and the past 24 hours have seen a mild correction in the broader altcoin market, including Toncoin (TON).

After a strong rally last week, the broader altcoin market saw a cooling off of the bullish sentiment, hence resulting in $357 million forced liquidations of long traders.

As the cryptocurrency market continues to adjust, all eyes are now on Bitcoin price to see if the largest cryptocurrency can break above the crucial $27,000 level.

Toncoin (TON) price dropped nearly 4 percent in the past 24 hours to trade around $3.09 on Thursday, May 15, during the late North American trading session.

As a result, the large-cap altcoin, with a fully diluted valuation of around $15.8 billion and a 24-hour average traded volume of around $229 million, saw a drop of about 4 percent in the past two weeks.

The TON ecosystem has grown exponentially in recent times, largely driven by the vast Telegram community. According to market data from Defillama, the TON network had a total value locked of around $152 million and a stablecoins market cap of approximately $1.01 billion at the time of writing.

Meanwhile, market data from CryptoRank indicates that the Telegram Gifts daily turnover has been growing exponentially since early May, reaching $1.8M two days ago. The majority of Telegram NFT volume came from the Tonnel platform with around $1.2 million, and Fragment with about $220K.

Since reaching its all-time high of around $8.25 on June 15, 2024, TON price has been encountering correction to date. However, TON price has established a robust support level above $2.5, which previously acted as a resistance level.

#Toncoin $TON is consolidating within a triangle pattern, and a breakout could trigger a 47% price move! pic.twitter.com/0vWVHRjMBG

In the daily timeframe, TON price has been consolidating in a symmetrical triangular pattern since early March. Crypto analyst Ali Martinez noted that TON price is poised for at least a 47 percent rally if a breakout above the upper boundary occurs in the coming days.