- As buying interest grew and prices rose, tonne trading volumes surged by 154%.
- Analysts expect the price to soar to $10.
The recent price action of Toncoin (TON) has analysts eyeing a major rally. Ton is enjoying a strong upward movement, and analysts are predicting continued gains.
For example, cryptocurrency analyst Vlad Hriniv predicts a surge to a new all-time high of $10. In his analysis shared via X Page, he notes:
“The altcoin is trading at $7.06 and has seen a surge in volume. The continuation of the altcoin’s uptrend could target $7.60 and $8, after which a rally to $10 could occur.”
Source: X
According to analysts, a sustained uptrend indicates a bullish market for the altcoin, as it forms a strong candlestick pattern after the breakout.
Toncoin Trading Volume Surges as Adoption Increases
This positive market sentiment comes from a sudden surge in trading volume. At the time of writing, Toncoin trading volume has surged by 154% to $464.9 million.
According to data from Coinglass, trading volume increased from $242.5 million to $270.8 million in the last 24 hours.
Source: Coinglass
In particular, the Binance listing has led to a surge in price and trading volume. Additionally, the Binance Launch Pool and Super Earnings event have exposed Ton to a large number of users, leading to increased adoption.
With the reward for TON reaching $64 million, many traders are trading TON, which has created favorable market conditions.
What the ton price chart shows
At the time of writing, Toncoin is trading at $6.96 after a 7.79% surge on the daily chart. Additionally, the altcoin has reported a 13.5% gain on the weekly chart.
The recent uptrend shows that the tone is in a short-term uptrend, with recent highs being higher than recent lows.
Source: Tradingview
The Relative Strength Index (RSI) is at 56, indicating that Ton is experiencing more buying pressure than selling pressure. This bullish signal indicates potential room for profit if the prevailing market conditions persist.
Additionally, the ARR is higher than 1 at 1.93, which shows that the cryptocurrency is seeing increasing buying activity.
Source: Coinglass
Looking more closely, our analysis of Coinglass shows that long liquidations have decreased over the past week. Liquidations of long positions have decreased from $400,000 to $59,000 as of this writing.
This shows that investors are confident about the direction of altcoins.
Source: IntoTheBlock
Finally, data from IntoTheBlock shows positive net flows to large holders. At the time of writing, net flows to large holders were 278.2K tonnes, with more inflows than outflows.
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Increasing inflows indicate that whales are confident in the current trend and are investing for the long term for higher returns in the future.
So Ton is currently operating in a rising wedge. If the current market conditions continue, this altcoin will break this pattern. If Ton breaks out of this pattern, it will surge above the $8.2 resistance level and make a new ATH near $9.02.