- Trading volume in tonnes soars 154% as prices rise amid buying interest.
- Analysts see a breakout for a rally to $10.
Toncoins [TON] The recent price movement has analysts looking for a big rally. Ton is experiencing a strong upward movement, causing analysts to predict a continued rise.
For example, crypto analyst Vlad Hrynive sees a rise to a new all-time high at $10. On an analysis shared via X-page, he notes that:
“The altcoin is trading at $7.06 with an increase in trading volume. A continuation of the uptrend in the altcoin could target the $7.60 and $8 mark before a rally to $10.”
Source:
According to the analysts, a sustained uptrend will mean a bull run for the altcoin as it forms an engulfing candle after a breakout.
Toncoin trading volume is skyrocketing due to increased adoption
This positive market sentiment stems from a sudden increase in trading volume. At the time of writing, Toncoin trading volume is up 154% to $464.9 million.
Coinglass data shows that trading volume increased from $242.5 million to $270.8 million in the past 24 hours.
Source: Coinglass
The Binance listing in particular has caused prices and trading volume to skyrocket. Also, the Binance launch pool and super earning event have exposed Ton to many users, increasing adoption.
With $64 million in rewards for Ton, many traders are dealing with Ton, creating favorable market conditions.
What Ton Price Charts Indicate
At the time of writing, Toncoin is trading at $6.96, after rising 7.79% on the daily charts. Also, the altcoin has reported a gain of 13.5% on the weekly charts.
These recent gains show Ton enjoying near-term upside, with the recent highs outweighing the recent lows.
Source: Tradingview
The Relative Strength Index (RSI) is at 56, which indicates that Ton is experiencing more buying pressure than selling pressure. This bullish signal indicates that there is room for potential gains if prevailing market conditions prevail.
Also, the Advance Decline Ratio is above 1 to 1.93, further demonstrating that the crypto is experiencing increasing buying activity.
Source: Coinglass
Looking further, our analysis of Coinglass shows that liquidation of long positions has declined over the past week. The liquidation of the long positions has fallen from $400,000 to $59,000 at the time of writing.
This shows that investors have confidence in the altcoin direction.
Source: IntoTheBlock
Finally, data from IntoTheBlock shows a positive net flow for large holders. At the time of writing, the net flow from large farmers is 278.2 thousand tons, showing more inflows than outflows.
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A larger inflow implies that whales are confident in the current trend and are waiting a long time for future higher profits.
That is why Ton is currently operating in a rising wedge formation. If current market conditions prevail, the altcoin will break this pattern. Ton will rise above the $8.2 resistance level if it breaks out of the pattern, creating a new ATH around $9.02.