Toncoin (TON) is experiencing a resurgence, fueled by a surge in network activity and growing whale interest. The price has climbed 7% in the last 24 hours, reaching $6.94 at press time, and is eyeing a crucial breakout above $7.
On-Chain Metrics Point Towards Bullish Momentum
Several on-chain metrics suggest a potential price explosion for TON. Almost 72% of all Toncoin addresses are currently in profit, highlighting a bullish market sentiment. Additionally, large transactions, indicative of whale activity, have skyrocketed by 110% within the past 24 hours according to IntoTheBlock data. This influx of high-value trades points towards strong market confidence in TON.
Whales and Active Users Fueling the Rally
The significant increase in whale activity is likely to generate further buying pressure, pushing the price past resistance levels. This aligns with broader market volatility, suggesting major players are positioning themselves for TON’s next significant move.
Furthermore, the number of active Toncoin addresses has also surged by 14%, showcasing growing interest in the altcoin. The high profitability rate (72% of active addresses) reflects a strong market sentiment, typically a precursor to bullish trends. However, it’s important to note that this could also lead to selling pressure in case of a price pullback, as investors may seek to lock in profits.
Technical Analysis: $7 – The Make-or-Break Point
From a technical standpoint, TON is approaching a key resistance level of $7 on the daily chart. This level has proven to be a significant hurdle with multiple rejections throughout the past year. A decisive breakout above $7 could pave the way for TON to reach double-digit figures. Conversely, a failure to surpass this resistance could lead to a pullback, with initial support at $6.02.
Think we see $TON trading at double digits at some point during this cycle.
— CryptoAM17 (@CryptoAM17) November 27, 2024
Flip $7 and it's on imo. pic.twitter.com/O3vxZO64xL
Analysts Bullish on Toncoin’s Future
CryptoQuant analyst Darkforest predicts a strong price surge for TON in the coming weeks, supported by continuously bullish on-chain signals. The shift in TON’s 90-day percent return to positive territory, historically a precursor to significant price action, indicates growing investor confidence and a willingness to hold positions in anticipation of further gains.
The rising Open Interest further bolsters the bullish sentiment, signifying increased market activity and the potential for a prolonged rally. With these indicators aligning, Toncoin’s current bullish trend appears poised to gain further momentum in the days ahead.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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