Toncoin has surged 7.18% following a partnership with the UAE, enabling TON stakers to qualify for a 10-year UAE Golden Visa.
Crypto enthusiasts are overwhelmed by Toncoin’s latest development, which could accelerate crypto adoption and the path to UAE residency. Toncoin has partnered with the UAE government to offer a 10-year Golden Visa for anyone staking $100,000 in TON coins for three years. Following this development, TON has surged 7.18% with a 346% surge in trading volume per CoinMarketCap, at press time.
Toncoin is trading at $2.91, facing a slight price correction after breaking above the $3.00 key resistance level. Despite the price fluctuations, TON has seen heightened market activity fueled by the partnership.
What does this mean for TON?
Toncoin has faced substantial bearish pressure over the past month following a breakdown below the $3.00 key support zone. However, Coinglass data reveals a 39.32% increase in open interest over the past 24 hours, suggesting heightened investor confidence. With a surging trading volume, traders could be positioning themselves for a strong rally in the mid-term. Additionally, this could signal an accumulation phase as investors eye steady growth.
On the lower timeframe, technical indicators point to strong bullish market sentiment, signaling a growing bullish momentum. The moving averages and MACD level (12,26) are flashing “strong buy,” showing increased buying pressure among traders. Toncoin is gradually becoming a global leader in digital assets adoption, alongside residency programs, boosting industry maturity and real-world crypto utility.
UAE’s traditional Visa requires $540,000 in real estate or deposits for aspiring residents. However, TON stakers will have to pay only $35,000 in processing fees besides staking their coins. The Golden Visa Program will help crypto investors save on their UAE residency while providing lifestyle and investment benefits.
With such an incentive, Toncoin could attract more investors and aspiring UAE residents, boosting capital inflow and long-term growth. Investors could be eyeing exponential gains in the long run. Following this development, TON bulls could reclaim $3.00 key resistance level, thus sparking the next bull rally in the near term.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their research before making financial decisions.
