Despite minimal fluctuations, Toncoin [TON] has seen an increase of 8.97% in the last month and a slight uptick of 0.31% in the past 24 hours.
With growing momentum, market watchers are optimistic about TON reaching new peak levels not seen since August.
Market Indicators Pointing Towards a Potential Rally
Since August 14th, TON has been trading in a symmetrical triangle pattern, consistently moving within its confines.
Historically, such trading patterns have resulted in significant upward movements, potentially pushing TON beyond its previous all-time high of $7.26.
While breakouts usually trigger strong momentum, TON’s gradual climb with daily gains of less than 1% suggests a mild ascent.
Further examination reveals that the slow momentum can be attributed to a key resistance level at $5.826.
A breakthrough above this level could serve as a catalyst for a sharp uptrend in TON’s price action.
Anticipating a Significant Reduction in TON’s Supply
Recent data on TON’s Exchange Netflow shows a consistent decrease over the last week, indicating a rising interest from buyers in the asset.
This metric gauges the availability of TON across various crypto exchanges, with a decline signaling decreased supply, hinting at investors holding onto their assets instead of selling.
About 478.66k TON tokens have recently left exchanges, coinciding with increased activity and trader interest.
Insights from IntoTheBlock highlight a surge in active addresses, reflecting 4.21 million traders actively engaging with TON.
This surge in trading activity boosts positive sentiment and suggests potential for a notable uptrend in TON’s price.
Green Days Ahead for TON
Interest in TON has spiked in the past 24 hours.
Recent data from Coinglass indicates a notable rise in Open Interest, signaling trader confidence in an uptrend for TON.
Open Interest has climbed to $264.64 million, accompanied by a 45.4% surge in trading volume, indicating robust buying activity and a continued bullish outlook.