Toncoin Soars 14% After Binance Listing, TON Breakout Ahead?

Toncoin (TON), the native token of The Open Network, has been among the best performers this cycle. The token registered a 200% surge within the last six months, flipping Dogecoin (DOGE) by market capitalization. Because of this, the crypto exchange Binance announced the listing of TON on August 8, which propelled the value by over 10%.

Toncoin Soars 14% After Binance Listing

On Thursday, Binance, the most important crypto exchange by trading volume, announced it could list TON on the trading platform. The exchange stated that the seed tag, used for projects with higher volatility and risks than others, could be applied to the token.

Binance announced it could open trading for 4 latest spot trading pairs on August 8 at 10:00 UTC. The pairs include TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. Moreover, the exchange added Toncoin to Binance Easy Earn, “Buy Crypto,” and Binance Convert.

Meanwhile, TON withdrawals won’t be available until Friday. The telegram-integrated token can even be added to Binance’s Margin and Auto-Invest services on Monday, August 12.

Following the listing, Toncoin saw an initial 14% increase, reclaiming the $6 support zone. The token surged to the $6.4 area before retracing to the $6.3 mark. Furthermore, TON’s market activity increased by over 239% within the last 24 hours, with a each day trading volume of $1.3 billion.

TON Tests Key Levels

Following the recent surge, investors and market watchers have weighed in on TON’s price motion. Trader AltCryptoGems highlighted that Toncoin was “outperforming today” with a “very nice pump from support.”

Per the chart, TON bounced from the $5.4 support area to the $6.3 resistance level. If the token fails to reclaim this level, its price could lose momentum and dip to the previous support zone or lower.

TON retests key support level. Source: AltCryptoGems on X

Nonetheless, a successful retest of the important thing $6.3 mark could drive the value above $6.4. This may lead the token to interrupt out of the downtrend line and propel the value towards TON’s ATH.

The trader suggested avoiding “chasing green candles, especially above key resistance levels.” As an alternative, he advised that investors monitor the token’s response as “it’s an interesting area to do some business.”

Similarly, Altcoin Sherpa warned investors about TON despite being bullish. To the analyst, it’s “still a terrific chain/project.” Nonetheless, Sherpa considers that the project needs more adoption even when “there are a variety of builders happening there recently.”

“I believe TON continues to be bullish for this cycle but wouldn’t be rushing to purchase at current prices,” stated the analyst.