Toncoin price bounces as total value locked (TVL) on the TON Blockchain surpasses $300 million.
DeFiLlama data showed TON Blockchain’s TVL at $315 million, up from $156 million on May 1.
Telegram related news and Pantera Capital’s investment have been notable catalysts for Toncoin (TON).
Toncoin (TON), the native cryptocurrency token of The Open Network (TON) Blockchain, currently trades around $6.40.
After flipping negative amid profit-taking in recent days, the price of Toncoin looks poised for a major bounce.
TON Blockchain TVL surpasses $300 million
According to data from DeFiLlama, the total value locked (TVL) on the TON Blockchain has increased sharply this month. Indeed, the TON’s ecosystem has seen the TVL jump from $156 million on May 1 to currently stand at $315 million.
The milestone comes as TON shows growing traction in the decentralized finance (DeFi) market. Top projects are across decentralized exchanges (DEXes), lending, liquid staking and gaming.
In the past month, for instance, DEX protocols Ston.fi and Dedust recorded a TVL surge of 132% and 30% respectively. Liquid staking protocols Tonstakers and bemo also recorded notable increases of 20% and 17% respectively.
Toncoin price outlook
Toncoin price reached highs of $7.63 in April, riding positive news and network developments.
Telegram’s launch of an ad revenue share program with payouts in Toncoin and a TON Blockchain promotion The Open League provided some of the upside momentum. There was also a massive surge for TON token when venture capital firm Pantera Capital revealed a new investment in TON.
The recent market debut of Notcoin (NOT) also provided buyside pressure for Toncoin.
However, TON price dipped amid a retreat for the broader market, with Bitcoin and Ethereum’s declines to support levels last week adding to the downside pressure. BTC and ETH are back above $68,000 and $3,800 respectively, helping top altcoins higher as meme coins Pepe and FLOKI outperform peers.
TON price looks poised for a bounce as it flips green on the daily chart.
If bulls strengthen above the immediate support zone, a breakout to $7 could bring a new all-time high into view.
On the other hand, a downturn would risk a retreat to lows of $5.64 and potentially $4.86.
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