The cryptocurrency market is not making strong gains today, May 7, but Toncoin (TON) has stood out. The price went from $2.42 to $2.90. But this is just the tip of the iceberg because, zooming out, it is evident that the gains did not start today but on May 4 when the price was at $1.35. That means Toncoin price has doubled in just three days. But what is causing this “up only” trend?
Buyers, Network Upgrades Push Toncoin Price to 7-Month High
Toncoin is not leaving the spotlight because of the gains that are going on. They started on May 4, and by May 7, during the Asian trading session, it had reached $2.90. It was the first time reaching this price since late September 2025.
And a lot of these gains are being caused by buyers because on CoinMarketCap, trading volumes had a reading of $1.84 billion after increasing by 84%. If this continues, then Toncoin’s 114% rise in the last three days is just the beginning of its journey upwards.
Earlier this week, CoinGape’s article shed light on what may be causing the price to go up after saying that Telegram founder Pavel Durov has announced upgrades for the TON Foundation. This is a good thing for a project that had not appeared in headlines for a while.
But Durov is not done putting Toncoin’s name out there. He now says that TON is the number one blockchain when it comes to finality time. Durov is definitely moving TON up, and this might be the next thing that the price needs for a bullish long-term Toncoin price prediction.
This rebound has also not taken TON close to its all-time high price of $8.24.
Open Interest Soars as Toncoin’s Futures Explode
When the price is going up, it is expected that the OI will also go up but in the case of Toncoin, a lot is going on in the shadows. The OI has gotten to $569 million, and it has never been this high for more than three years based on the readings on Coinglass.
Toncoin Open InterestThe funding rate also has a reading of 0.0173%, and this is showing that longs are not shying away. They are behind the rising OI, but this can be both good and bad. Their positions can wind down suddenly because of how Toncoin price is volatile right now, and this means a lot of selling will happen.
The volume reading also raises concern because it is at $3.31 billion and at the highest ever seen. This shows that there is euphoria and hype that might not last for long.
Technical Analysis Signals Caution
Toncoin price is already going up because of what Durov is saying. Because of this there is a lot being discussed about where this is headed. The daily chart is not giving much to go on but the weekly has silenced the noise.
The reading of the Bollinger bands shows they are expanding, and this shows there will be more volatility. The bands also read that Toncoin might just be overbought and this is not good because reversal is now more likely to happen.
TON Price ChartThe support can still be seen with these BB bands where the middle one at $1.47 is the best to watch. There is no clear obstacle but because of how prices behave, the psychological level at $3 is what needs overcoming.
There is also the RSI with a reading of 67 as it journeys upward. It shows bulls have a good grip. But this is not enough to automatically say that Toncoin price is going up. It is not forming higher highs just yet. Until this happens, the rally might just be seen as hype.
Source: https://coingape.com/markets/heres-why-toncoin-price-is-up-35-today-may-7/
