Toncoin investors have committed $12.22 million in the derivatives market, signaling a bullish trend. According to CoinGlass, open interest in Toncoin surged by 35.86% in the last 24 hours.
Trading Volume Surge and Market Recovery
Open interest is a metric that provides insight into the total value of outstanding derivatives contracts. Over the past 24 hours, traders have committed 2.98 million Toncoin amid the asset's market rebound. In the last week, Toncoin has posted an 11.79% growth, almost doubling over the last 30 days with a 22.88% growth rate. As of press time, the price is $4.10, representing a 4.21% increase, while trading volume has risen by 14.14% to $347.17 million.
Factors Behind Toncoin's Price Breakout
The bullish sentiment around Toncoin marks a shift from the pressures faced in February and March, when prices fell below $3 and traded under $4. April seems to be bullish for Toncoin, as the ecosystem appears to have reversed from bearish pressure. A key resistance level for Toncoin is the $4 mark, with recent gains indicating a potential retake of higher levels.
Role of Telegram Founder Pavel Durov
Another catalyst might be the legal freedom of Telegram's founder, Pavel Durov. He has acknowledged the blockchain's growth, injecting about $400 million into the project. This news could have spurred renewed interest in the ecosystem, which faced challenges during Durov's detention. Durov has issued statements to stabilize the ecosystem and alleviate investor fears.
Toncoin is emerging as a strong player in the crypto market, showing consistent growth due to increased investor interest and the influence of key figures like Pavel Durov.
