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Toncoin: Telegram's Native Cryptocurrency Soars as Ex-Visa Exec Joins TON Foundation
Toncoin rallies after former Visa executive joins TON Foundation, triggering a surge in volume and renewed market optimism.
Updated May 28, 2025, 5:57 p.m. Published May 28, 2025, 2:08 p.m.
What to know:
- TON cryptocurrency experienced a dramatic price surge, exploding from around $3.00 to reach $3.27, establishing a 24-hour range of 9.7%, according to CoinDesk Research's technical analysis data model.
- Former Visa executive Nikola Plecas has been appointed as TON Foundation's new vice president of payments to shape and execute payment infrastructure strategy.
- Trump Media and Technology Group confirmed a $2.5 billion capital raise to purchase Bitcoin, potentially creating a favorable environment for altcoins like TON.
TON's remarkable price action featured extraordinary trading volume - approximately 10x the period's average during peak hours, with strong support forming at $2.97-$2.98 and new resistance established at $3.27.
The most dramatic movement occurred in a two-minute window when TON skyrocketed from $3.18 to $3.29, accompanied by volume exceeding 2.1M in a single minute, demonstrating powerful buying momentum despite some late profit-taking.
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Technical Analysis Highlights
- Price consolidation pattern between $2.97-$3.04 for most of the period before breaking out.
- Strong support formed at $2.97-$2.98 with multiple tests throughout the period.
- New resistance established at $3.27, suggesting potential for continued upward momentum.
- Extraordinary volume spike with 19.7M and 15.4M in consecutive hours, approximately 10x the period's average.
- Clear ascending channel formed with higher lows on the hourly chart.
- Most dramatic price action occurred between 10:53-10:55, with TON skyrocketing from $3.18 to $3.29.
- Single-minute volume exceeded 2.1M—nearly 20x the average minute volume for the period.
- Some profit-taking emerged in the final minutes as price retraced to $3.27.
External References
- "TON Foundation hires former Visa executive to lead payments strategy", Cointelegraph, published May 28, 2025.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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