- Toncoin has a trendline of support that is ascending. This level was reached three times within a period of three months.
- Data from the On-chain shows an increase in whale and social transactions.
Toncoin [TON] has been showing strong bullish indications,suggesting a potential price surge to $7.5.
Data from the on-chain revealed a number of significant activities, including an increase in social volume and whale transactions as well as a test at a critical trendline 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 has analyzed social volumes for Toncoin Which indicated an increase of a significant amount since the end of March 2024.
Often the price movement precedes the peak in social discourse, which reflects a growing community interest about TON’s prospects.
This increasing interest suggests that investors may be looking to take TON long position, perhaps anticipating a substantial price rise.
Increase in whale trade
AMBCrypto then analyzed the Whale Transaction Count of santiment, which showed a dramatic increase in whale transactions beginning early April 2024. Whale activity spikes suggest large investors have been accumulating tons of 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.
Over the last three months, Toncoin has followed a steady uptrend and adhered to a trendline that was ascending.
Three times the support was tested during this time. Most recently, a retracement was used to cover a gap in fair value at $6 to balance out the imbalances.
The retracement of the price to $6.0 was a good correction that provided a solid foundation for the upward movement. Price bounced, before continuing its upward path and strengthening the ascending trendline. This pattern of support tests and successful recoveries highlights Toncoin’s strong bullish trend.
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Toncoin shows all of the signs that a breakout is imminent.
TON is on the verge of hitting new heights and $7.5 with a strong trendline and on-chain support.
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Source: ambcrypto.com