- TON has set a new ATH in price.
- The social dominance was over 1%.
Toncoin [TON] has generated quite a buzz in the last few days due to significant price increases. It experienced a notable spike in social dominance, and its Open Interest also showed a positive trend.
Toncoin sets new ATH record
AMBCrypto’s daily analysis of Toncoin revealed its first significant spike on 2nd June. The chart showed an 8.60% increase, taking its price from around $6.3 to approximately $6.8.
On 4th June, Toncoin experienced another significant spike of 7.48%, pushing its price to over $7.3.
This new price range became its all-time high, surpassing the previous ATH of around $7.2, which was reached in April.
Toncoin briefly deviated from this new price range with a decline of over 1.6% on 5th June. However, it has since regained its position.
As of this writing, Toncoin is trading at around $7.3, with an increase of over 1.7%. This recent increase means the price has been able to maintain the new all-time high (ATH). Any further increase would establish a new ATH.
Source: TradingView
Furthermore, an analysis of Toncoin’s Relative Strength Index (RSI) indicates it is currently in a strong bull trend. As of this writing, the RSI is above 67, showing it is close to the overbought zone.
Toncoin sees second-highest seven-day increase
Analysis of data on CoinMarketCap showed that Toncoin has increased by over 12% in the last seven days. Among the top 20 assets, only Binance (BNB) had a higher increase, with over 19%.
As of this writing, Toncoin’s market cap is around $17.6 billion, making it the ninth-largest asset by market capitalization.
Additionally, data from Santiment showed that Toncoin (TON) is experiencing a significant level of social dominance. As of this writing, its social dominance is over 1.3%, indicating that it is part of around 1% of discussions in the cryptocurrency space.
Source: Santiment
At the start of the month, its social dominance was over 2%, but it has declined in the past few days.
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More cash flows into TON
Analysis of Toncoin’s Open Interest on Coinglass showed a significant cash inflow in recent days. The chart indicated that Open Interest rose to almost $227 million on 5th June before declining.
As of this writing, the Open Interest is around $220 million.
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