- Nearly 72% of Toncoin addresses are currently in profit, reflecting bullish sentiment.
- Positive on-chain metrics, including Open Interest and 90-day returns, support the bullish trend forecast.
Toncoin is once again seeing a major surge in its network activity with the TON price surging 7% in the last 24 hours, moving to $6.94 as of press time and eyeing a breakout above $7. Furthermore, the on-chain metrics of Toncoin suggest a further potential breakout on the horizon.
As of now, nearly 72% of its total addresses are currently in profit suggesting bullish market sentiment. On the other hand, the Toncoin whales are making big moves. Data from IntoTheBlock shows that the TON large transactions have surged by 110% in the last 24 hours itself. This order flow of high value trades hints at strong market confidence.
Furthermore, the hike in whale activity will also generate additional buying pressure essential to push the TON price above the breakout levels and the current resistance. The increase in whale activity aligns with the broader market volatility, signaling that major players are positioning themselves for Toncoin’s next significant move.
Apart from the surge in whale activity, the Toncoin active addresses have also surged by 14% highlighting the growing interest in the altcoin. As of now, nearly 72% of the Toncoin active addresses are currently in profit. This positive profitability metric reflects strong market sentiment, which typically favors bullish trends.
However, it also suggests that any pullback on the charts could spark selling pressure, particularly as investors seek to lock in profits.
Toncoin (TON) Price Action Ahead
Looking at the technical chart, the Toncoin is approaching the key resistance levels on the daily chart. This resistance level of $7 has been proven to be crucial with multiple rejections over the past year. Thus, it becomes the make-or-break point for the Toncoin price that can decided the next course of action for investors.
A decisive breakout above this resistance of $7 could set the target for the first double-digit numbers for TON. On the flip side, if the price fails to surpass this resistance, a pullback could ensue, with the $6.02 level serving as the initial support zone.
Think we see $TON trading at double digits at some point during this cycle.
Flip $7 and it's on imo. pic.twitter.com/O3vxZO64xL
— CryptoAM17 (@CryptoAM17) November 27, 2024
As per the CryptoQuant analyst Darkforest, the Toncoin price could be heading for a strong surge in the coming weeks, as on-chain signals continue to stay bullish for the altcoin.
Toncoin’s 90-day percent return has turned positive as its price resumes upward momentum. Historically, this metric’s shift into positive territory has often been a precursor to significant price action, indicating growing investor confidence and willingness to hold positions in anticipation of further gains.
Adding to the bullish sentiment, Open Interest has also recorded a positive percentage change, signaling increased market activity and potential strength in the ongoing rally. With these indicators aligning, Toncoin’s current bullish trend could gain further momentum in the days ahead.
