Is This the Next Solana? $400 Million Toncoin Investment Signals Explosive Upside
Toncoin has jumped by 7% in the past 24 hours, with its rally to $4.13 coming as the crypto market rises by 1% today. TON is now up by 12.5% in the past week and by 24% in the past month, with the altcoin benefitting from the recent disclosure that venture capital firms now hold over $400 million in TON. This is a bullish sign of confidence in Toncoin’s future, which has also begun to look more positive following Pavel Durov’s departure from France, where the Telegram founder had faced arrest. Given TON’s association with Telegram, such a development has given the altcoin a very positive long-term price prediction, with the coming months likely to see further gains.
Is This the Next Solana? $400 Million Toncoin Investment Signals Explosive Upside
On March 20, the TON Foundation took to X to reveal that VC firms now hold more than $400 million in TON, with the foundation also writing a blog to go with the post.
As the tweet above shows, some of the firms with TON holdings are Sequoia, Ribbit, Benchmark, Kingsway and Draper Associates, among others. The TON Foundation flagged these investments to underscore market confidence in what it’s doing, with its blog also detailing some of its recent developments. This includes an agreement with Telegram that sees TON and its network become the exclusive blockchain for Telegram’s growing ecosystem of apps. The foundation also boasts that active accounts on TON have grown from around four million to 41 million in the past year, something that makes the network one of the most popular in the crypto ecosystem. And Toncoin’s one-day chart today reflects such bullishness, with its relative strength index (purple) on its way towards 70.
This indicates rising buying pressure, yet it also leaves room for further gains in the near term, given that the RSI hasn’t entered a fully overbought position. This assessment finds support in Toncoin’s 30-day average (orange), which after bottoming out in mid-March is now on its way to the 200-day average (blue). And because it remains well below the 200-day, TON still has plenty of space left for additional gains in the coming days. It has the potential to reach $4.50 by the end of the month, before hitting $5 by June. Such progress will depend on Pavel Durov’s legal issues in France, as well as on the course of the unfolding tariff war, but in terms of fundamentals Toncoin looks very strong.
Alternative Altcoins for Market-Beating Gains
While Toncoin remains one to watch, it’s not the only alt around at the moment with the potential to beat the market in the coming weeks. There are also several very promising new presale tokens available right now, with layer-two network Solaxy (SOLX) being possibly the most promising of them all. It opened its presale in December, and has now raised a hugely impressive $28.7 million.
Launching in the next few weeks, Solaxy promises very low fees and ultra-fast transactions, with its protocol also enabling instant bridging between itself and Solana. It also plans to expand compatibility with other networks in the longer term, aiming to become a major hub for DeFi and meme tokens. As its native token, SOLX will pay for transaction fees, while holders will also be able to stake it for a passive income. This could invite substantial demand for the token, which is likely to rise in price in parallel with the growth of Solaxy as an L2.
Its sale is now nearing its final stretch, yet investors can join at the Solaxy website. SOLX is currently available at $0.00168, although this price will continue to rise until the sale ends.