The digital currency Toncoin (TON) has been garnering considerable interest recently, with its blockchain data showing positive signs pointing towards a potential rally. Currently, the altcoin is in the process of challenging a crucial descending trendline after experiencing a notable 10% surge from the $6.02 level.
With 72% of its total wallet addresses reflecting profits, the overall market sentiment appears to be quite optimistic. As a result, the pressing question arises – Will this increasing momentum successfully break through the resistance level?
Whale Activity in Toncoin Surges to Record Levels
Large players in the Toncoin market are making significant moves. Data from IntoTheBlock reveals that large-sized transactions have surged by 110% in the past 24 hours alone. This pattern of substantial transactions typically signifies a robust confidence level within the market.
This surge in whale activity may potentially create the necessary buying pressure required to propel TON’s price beyond its current resistance point depicted on the charts.
Furthermore, the uptick in whale activity aligns with the general market volatility, indicating that prominent investors are strategically positioning themselves for Toncoin’s anticipated next significant move.
Rapid Increase in Active Addresses
In conjunction with the spike in whale transactions, there has been a notable 14% rise in active Toncoin addresses, further emphasizing the increasing interest in this altcoin.
Simultaneously, with 72% of Toncoin addresses being profitable at current price levels, this positive metric highlights a strong market sentiment, typically favoring bullish trends.
However, it also implies that any price correction on the charts could trigger selling pressure, specifically as investors aim to lock in their profits.
Encountering Crucial Trendline Resistance
From a technical perspective, Toncoin’s price appears to be nearing a critical trendline resistance on the daily charts. This resistance level has led to multiple successful reversals recently, establishing it as a significant decision point.
A successful breakout beyond this crucial trendline resistance could propel the altcoin towards a robust bullish run, potentially aiming for the $7 mark.
Conversely, failure to breach this key resistance level could result in a pullback, with the $6.02 threshold serving as the primary support level.