Toncoin rose 7.18% after a partnership with the UAE, allowing TON stakers to qualify for a 10-year UAE Golden Visa.
Cryptocurrency enthusiasts are overwhelmed by the latest development of Toncoin, which could accelerate cryptocurrency adoption and the pathway to residency in the United Arab Emirates. Toncoin has partnered with the UAE government to offer a 10-year Golden Visa for anyone who stakes $100,000 in TON coins for three years. Following this development, TON rose by 7.18% with a 346% increase in trading volume according to CoinMarketCap at the time of press.
Toncoin is trading at $2.91, facing a slight price correction after breaking above the key resistance level of $3.00. Despite price fluctuations, TON has seen increased market activity fueled by the partnership.
What does this mean for TON?
Toncoin faced substantial downward pressure last month after collapsing below the key support zone of $3.00. However, Coinglass data reveals a 39.32% increase in open interest over the last 24 hours, suggesting greater investor confidence. With rising trading volume, traders may be positioning themselves for a strong rally in the medium term. Additionally, this could signal an accumulation phase as investors look for steady growth.
On the lower time frame, technical indicators point to strong bullish market sentiment, signaling growing upward momentum. The moving averages and the MACD level (12,26) are flashing 'strong buy', showing increased buying pressure among traders. Toncoin is gradually becoming a global leader in the adoption of digital assets, along with residency programs, enhancing industry maturity and real-world cryptocurrency utility.
The traditional UAE visa requires $540,000 in real estate or deposits for aspiring residents. However, TON stakers will only have to pay $35,000 in processing fees, in addition to staking their coins. The Golden Visa Program will help cryptocurrency investors save on their residency in the UAE while providing lifestyle and investment benefits.
With this incentive, Toncoin could attract more investors and aspiring residents of the United Arab Emirates, boosting capital flow and long-term growth. Investors may be eyeing exponential long-term gains. Following this development, TON bulls could reclaim the key resistance level of $3.00, thereby triggering the next short-term bull rally.