Toncoin (TON) is surging today after unveiling a blockchain-based residency program in the United Arab Emirates.
As of press time, TON was trading at $3.02, marking an 11% rally over the past 24 hours. Its market capitalization has also jumped from $6.7 billion to $7.43 billion in just one day, an increase of approximately $730 million.
TON one-day market cap chart. Source: CoinMarketCap
Beyond the fundamental news, Toncoin’s price chart shows possible signs of a breakout. TON has decisively moved above its seven-day simple moving average (SMA) at $2.83 and its seven-day exponential moving average at $2.81.
Meanwhile, its relative strength index (RSI), which had dropped to an oversold level of 38.79, is now rebounding, suggesting room for further upside.
Catalyst for Toncoin rally
The catalyst behind the surge is Toncoin’s announcement of a first-of-its-kind UAE residency scheme built on blockchain technology.
Under the program, investors can secure UAE residency by st
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