Toncoin (TON) has recently captured significant interest in the cryptocurrency market, following a remarkable 12% increase in just 24 hours. This sudden surge has prompted debates on whether TON can break through its main trendline resistance and embark on a new uptrend.
Key Drivers of Toncoin’s Surge
Currently trading at $7.12, Toncoin is eyeing its next crucial resistance level at $7.28. The sustainability of this rise is under meticulous scrutiny by both investors and traders. The Relative Strength Index (RSI) indicates that Toncoin is nearing the overbought zone, suggesting a potential short-term correction. Interestingly, on-chain data points to an accumulation phase among investors, hinting at a possible further rise.
Entry of Significant Market Players
According to data from IntoTheBlock, significant transactions are taking place, indicating growing interest from major market players. This accumulation phase is often seen as a precursor to a substantial breakout, highlighting increased investor confidence. Additionally, data reveals that 65.12% of TON addresses are currently profitable, which could encourage investors to hold onto their positions.
Investor Strategies and Considerations
Despite Toncoin’s recent surge, liquidation data points to a potential risk at the $6.9 level. If prices fall below this threshold, $703,000 worth of TON could be liquidated, escalating market selling pressure. However, sustained buying pressure could initiate a new upward wave without breaching this level.
Toncoin’s rise has undoubtedly captivated the cryptocurrency market, but maintaining this momentum requires careful observation from investors.
Concrete indicators such as the overbought RSI signal a possible short-term correction. Yet, on-chain data and significant transactions provide a strong case for Toncoin’s future potential.
