Toncoin poised for a breakout? Key signs suggest…


  • Toncoin follows an ascending trendline support level that was tested thrice in three months.
  • On-chain data shows rising social volume and whale transactions.

Toncoin [TON] has been showing strong bullish indications,suggesting a potential price surge to $7.5.

On-chain data highlighted a significant activity including increased social volumes, whale transactions and a retest on a key trendline support level.

As of writing, Toncoin was priced at $6.91, marking a 3.87% increase in the last 24 hours and a  7.37% rise over the past seven days. TON market cap stands at  $16.7 billion.

However,  the 24-hour trading volume has seen a significant drop of 53.81% to $230 million.

Rising social volumes indicate long interests

AMBCrypto analyzed the social volume for Toncoin which indicated a substantial increase since late March 2024.

Peaks in social discussions are often prior to price movements, reflecting increased community interest on TON’s future prospects.

This growing interest indicates that more investors are eyeing TON long positions, possibly anticipating a significant price rise.

Toncoin TON 15.23.31 04 Jun 2024

Source: Santiment

Surge in whale transactions

AMBCrypto further analyzed santiment’s Whale Transaction Count which indicated a sharp rise in whale transactions starting from early April 2024. The spikes in whale activity suggested that large investors are accumulating TON.

This accumulation may indicate confidence in TON’s long-term potential and expectations of a substantial price increase.This could  depicts a bullish signal.

Toncoin TON 15.22.58 04 Jun 2024Toncoin TON 15.22.58 04 Jun 2024

Source: Santiment

Toncoin’s price action over the past three months has been following a consistent uptrend, adhering to an ascending trendline support level.

The support has been tested three times during this period. The most recent retest involved a retracement to fill a fair value gap at $6.0 to correct imbalances before resuming its primary trend.

This retracement to $6.0 served as a healthy correction, providing a stronger foundation for the subsequent upward surge. The price then bounced before resuming its upward trajectory and reinforcing the ascending trendline. This pattern of support retests and successful rebounds highlights the solid Toncoin bullish momentum.

TONUSD 2024 06 04 13 18 56 e7b03TONUSD 2024 06 04 13 18 56 e7b03

Source: Tradingview


Is your portfolio green? Check the Toncoin [TON] Profit Calculator


Toncoin is showing all the right signs for a bullish breakout.

With a successful retest of trendline support and strong on-chain data backing its rise, TON could very well be on its way to hitting $7.5 and potentially reaching new highs.

 

Next: Bitcoin breaks $71k: Should you cash in today or HODL?



Source link

About The Author

Scroll to Top