Pantera Capital Eyes New Investment in Toncoin (TON): Bullish Outlook?

Pantera Capital, an American investment firm, is reportedly preparing to raise funds for a new investment in Toncoin (TON). This follows Pantera's earlier significant investment in TON, marking one of its largest investments to date.

• Pantera Capital is raising funds for a new significant investment in Toncoin (TON), indicating strong confidence in TON's long-term potential. 

• TON reached an all-time high (ATH) last week despite a broader market downturn and is currently trading around 12% below this peak. 

• Toncoin's growth is driven by its solid ecosystem, including popular TON-based games and USDT integration on the TON network. 

Journalist Yogita Khatri from The Block revealed that Pantera is soliciting funds for another TON token investment. According to an email reviewed by the publication, titled "Pantera TON Investment Opportunity," a minimum investment of $250,000 is required. Interested parties were to respond by June 21.

“We are inviting you to participate in the upcoming round of this investment opportunity,” stated the email.

Toncoin ranks as the ninth-largest cryptocurrency by market capitalization. Last week, TON reached an ATH despite a broader market downturn. It is now just 12.8% below its ATH, recorded on June 15. The Open Network (TON) blockchain has garnered significant interest due to the popularity of TON-based games such as TapSwap, Pixelverse, Hamster Kombat, and Notcoin.

TON/USDT price chart | Source: KuCoin 

Over the last 24 hours, Toncoin saw a 5.6% price dip. However, trading volume has shown a spike of almost 65% to over $335 million. At press time, TON was trading at $7.18, having retested the $7.659 level and weakened it further. If bullish interest continues, TON could reclaim its previous ATH.

The low volume spike suggests a few possibilities. It could be a short squeeze, forcing short sellers to buy back TON, with limited sellers remaining to push the price higher. Alternatively, large investors might be accumulating TON at a premium, driving up the price without a high volume of trades.

Read more: Toncoin Touches New ATH as TON TVL Surges 77% in June

TON Technical Analysis: RSI Suggests High Bullish Momentum

The Relative Strength Index (RSI) for TON was at 66.4, indicating high bullish momentum. The Chaikin Money Flow (CMF) also grew significantly, showing a surge in money flowing into Toncoin.

Long-term holders, as analyzed by AMBCrypto using IntoTheBlock’s data, hold TON for around 6.8 months on average. This indicates a commitment to long-term investment, reducing the overall supply of TON available for trading and potentially contributing to price increases.

Both the network growth and the velocity of the TON token have fallen in recent weeks. However, with the recent price surge, these metrics have also increased, indicating new interest and increased trading frequency.

Toncoin's growth is driven by its ecosystem fundamentals. Its link with Telegram and highly adopted game applications have triggered intense demand. New games are attempting to replicate the success of the Notcoin game, which hit millions in Total Value Locked (TVL) at launch.

Read more: A Deep Dive Into The Open Network (TON) and Toncoin

Amidst the bullish trend, market analyst Ali Martinez projected a potential retracement for Toncoin. Using the TD Sequential indicator, Martinez predicted a one to four candlesticks drop for TON, closer to the $7 mark. 

Crypto analyst Ali’s TON price prediction | Source; X 

This projection emphasizes the need for risk management for current TON holders. While the fundamentals remain strong, an overbuying trend could lead to a price reversal. 

Pantera Capital’s renewed interest in Toncoin signals strong confidence in its long-term potential. Despite potential short-term volatility, TON’s robust ecosystem and committed long-term holders provide a solid foundation for future growth. Investors should consider both the opportunities and risks associated with Toncoin's dynamic market performance.