Toncoin Sees Surge in Futures Activity as Price Holds Key Support Zone

Toncoin (TON), the native token of The Open Network, is steadily regaining the spotlight as trading heat intensifies and strong accumulation by investors shows up in on-chain data. In the past 24 hours, Toncoin perpetual futures open interest (OI) surged by 33%, climbing to $190 million — the most since February 18. The $47 million surge in open interest was driven by large buying on the futures market, even as the price was pulling back. Analysts and traders are watching the situation closely — a rise in open interest even as the price is pulling back is being interpreted as a potential setup for volatility in either direction. 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 At the same time, on-chain data reveals that a substantial support level is coalescing at $3.24. There, a vast contingent of Toncoin holders has recently arrived in the marketplace. Coupled with some fresh technical developments and an ever-expanding utility—thanks to its ongoing integration into Telegram—that Toncoin seems to be entering a new, attention-grabbing phase is, in our view, a matter of not just possibility but also likelihood. Futures Open Interest Surges as Traders Pile In In the current trading cycle, one of the most noticeable developments is the rapid increase in open interest on Toncoin perpetual futures. Open interest measures the total number of open futures contracts, and a single-day jump of 33% means a lot more contracts are now open. That kind of movement—very much in the range of what you would call a “speculative” price advance—frequently reflects rising trader enthusiasm, engagement, and a certain level of leverage. Increases in open interest — especially those that coincide with gains in prices — tend to be associated with short-term corrections. During these instances, it seems that the lava in the layers beneath a volcano has heated up. In contrast, high open interest in Toncoin and a modest pullback in its price suggest the opposite: that even if ton traders took a minor hit, they might be braced for a major event in the near term. This is a configuration that warrants close oversight. The reaction from the market over the next few days could establish the overall direction of Toncoin in the short term. This is especially true should additional buying or selling occur or if any overzealous traders begin to cover their short positions. Strong On-Chain Support Around $3.24 A key demand zone around $3.24 is currently supporting Toncoin’s price. On-chain data from SentoraHQ shows that roughly 1.21 million wallets have close to 740 million TON at this level. That makes $3.24 a pretty solid support level. A large number of holders down there are very likely to be defending their positions against any further downside. #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 Significant accumulation areas like this serve as not just psychological support but also as technical support for a token when it is traversing the kind of volatile price waters we have seen recently. The $3.24 level is particularly noteworthy for not just the sheer volume of tokens held there but also for the number of individual wallets involved — a very robust signal of interest amongst both retail and smaller institutional investors. Provided that Toncoin can keep its price action above this zone, the bulls could remain in control, and the token might be ready to stage a rebound if the overall market mood brightens again. Adoption Grows as Telegram Integrates TON The Toncoin ecosystem is experiencing a real-world utility boost beyond just market metrics and technical levels, and it’s no small integration we are talking about. Telegram, one of the most popular messaging platforms in the world, has just started incorporating Toncoin into its app, allowing in-app payments and broadening other use cases for this cryptocurrency. Telegram has officially begun to make Toncoin not only a messaging platform currency but a payment currency within its massive global user base. Integrating Toncoin into Telegram can change the token’s game for the better. It exposes the token to a massive audience. There are 700 million people using Telegram. These users are not just hanging out, though. In Telegram, users are increasingly engaging in interactions that can be monetized, be it through businesses or through various social and even political means. Telegram is not just a website with a whole bunch of people; it’s a place where a lot of real stuff goes on. Also, Toncoin has recently broken out of a lengthy downtrend and added a technical tailwind to its fundamental momentum. The market is still in the early stages of digesting these changes, but Toncoin’s combination of rising interest from traders, clear support from on-chain participants, and newfound integration into Telegram’s infrastructure suggests that it’s laying the groundwork for a new chapter. Currently, the $3.24 support zone and futures activity are the main focus. How Toncoin behaves in the next few days—in terms of consolidating, correcting, or climbing—will likely depend on how these two intersecting forces play out. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !

Source: NullTx