"The players were magnificent, they fronted up superbly. It was a great win against a very good team," said Davies.
Jonny Wilkinson edged a kicking duel with Rhys Patchell and Leigh Halfpenny that gave the French side a 15-12 lead.
But replacement Gareth Davies scored a dramatic late try to beat Toulon.
Former England and British and Irish Lions fly-half Wilkinson kicked five penalties to Patchell's single success and Halfpenny's trio of shots to leave the Blues trailing 15-12 going into the last 10 minutes.
Davies had replaced Patchell as Wilkinson's last kick went over and finished off a move started by centre Cory Allen in style.
Wales and Lions star Halfpenny added the conversion and the Blues held out as Toulon launched a series of late attacks.
The scenes of celebration that followed were in stark contrast to those that were witnessed at Exeter, where Davies' side conceded five first-half tries.
Davies said: "We were disappointed with the first half last week, but we showed a lot of resilience in the second period to come back and get a bonus point.
Blues' remaining Heineken Cup pool fixtures
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"And that bonus point looks pretty good today.
"Physically and emotionally, the players went perhaps to another level today.
"I think that was the youngest back division that Cardiff Blues have ever put on the field.
"We are back in the group, which is the most important thing.
"We've just got to keep building and building and become more consistent.
"It was great we got the result and it was great to hear the crowd singing. It was like the old days.
"We will keep moving forward and hopefully we can replicate more days like this one."
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