Toncoin Price Holds Firm Above $3.24 Support Amid Volume Surge – Is $4 Within Reach?

Highlights:

• The price of Toncoin has dropped 1% as its trading volume surged 15% amid rising market activity.
• Open interest on Toncoin’s perpetual futures has dropped nearly 14% to around $283 million, indicating cautious futures trading.
• According to analysts, TON maintains strong support above the $3.24 level, backed by over 1.21 million wallets holding 740 million TON tokens.

Toncoin price has slipped 1% to $3.34, as its daily trading volume has spiked 15% in the past 24 hours. Even with a strong increase in trading, open interest on Toncoin’s perpetual futures has dropped by nearly $14% and is at approximately $283 million. Despite the rise in Toncoin’s market participation, some market players are choosing to reduce their holdings in futures contracts. According to Glassnode, open interest in perpetual futures increased by 33% in 24 hours, rising from $143 million to $190 million—the highest it’s been since February 2025.

Over the past 24h, $TON perpetual futures OI surged +33% from $143M to $190M – its highest level since Feb 18. Interestingly, OI stayed elevated even after the price pullback. Past spikes like this have often preceded corrections – worth watching closely: https://t.co/wXpcaQoKul pic.twitter.com/IwbflHdkwZ

— glassnode (@glassnode) May 29, 2025

Even after there was a drop in price, open interest kept moving up. Many times, such trends have appeared just before corrections, advising investors to pay close attention to these levels, since they could indicate upcoming uncertainty in the market.

Strong Demand Zone at $3.24 Supports Toncoin Price

Currently, Toncoin is above its 50-day moving average of about $3.10, which acts as the immediate support level. The Relative Strength Index stands at 58.88, which means the token is getting ready to increase, as buyers are active, but the growth is moderate.

Meanwhile, the MACD index suggests a possible upcoming positive shift in the trend, though you should still keep an eye on it because it’s very close to neutral. All of this shows Toncoin is currently undergoing a consolidation era, following important support values and gearing up for the next price moves.

According to a popular analyst, Ali Martinez, he highlights that Toncoin continues to trade above the $3.24 support level. Around 740 million TON tokens have been held by 1.21 million wallets, giving the cryptocurrency strong backing at this price level. The volume of buyers in this zone suggests that a sudden drop in prices might be prevented. 

#Toncoin is holding above a major demand zone at $3.24, where 1.21 million wallets scooped up nearly 740 million $TON, shows on-chain data from @SentoraHQ. This level could act as strong support! pic.twitter.com/2wkq8m4CnD

— Ali (@ali_charts) May 29, 2025

Balanced Long-Short Derivatives Positions Indicate Market Caution

The market for Toncoin’s derivatives reflects equal numbers of bullish and bearish investors. The ratio of long positions to short positions today is 0.95, meaning traders are almost equally balanced in their view of the market. 

On the other hand, the volume has spiked 96% to $1.73B, indicating intense trading activities. However, its open interest has dropped 14% to $282M. This shows that the bullish traders are forced to close their positions in the market by the bears. 

Monitoring Toncoin Price Key Levels and Market Signals

Toncoin is now reaching a key milestone, as its trading has picked up, and on-chain backing is strong at around $3.24. Although open interest is falling, futures activity is still keeping the market active, as Glassnode often sees that lower open interest leads to price corrections, prompting traders to keep a close eye. 

Meanwhile, if the support level at $3.10 holds, Toncoin price could rise to higher levels. In such a case, the bulls may break out of the consolidation channel towards $3.71, $4, and $4.27. Moreover, the excitement around the TON Foundation hiring top ex-Visa exec Nikola Plecas could also stir up the rally soon.

BREAKING: TON Foundation has appointed former top executive at Visa – Nikola Plecas, as the Vice President of Payments at $TON. pic.twitter.com/BMIOz17MJu

— Viktor 🧡 (@s0meone_u_know) May 28, 2025

On the downside, if the bears step into the market, the Toncoin price could drop. In such a case, the $3.19 safety net will cushion against further downside. However, if the selling pressure mounts, TON will drop further to the $3.10 key support zone. In the meantime, Toncoin price shows good promise, yet investors are advised to pay close attention to developments and market trends to manage risk.