TON Coin Heading Towards Accumulation Phase: Can It Target $8 in the Near Future?
In the last 24 hours, Toncoin [TON] has shown significant upward movement, with a 1.83% increase, following a weekly rise of 5.78%. However, the trading volume has decreased by 7.29% to $185.5 million during the same period.
When there is a discrepancy between price and volume, it can often precede a price decline. Nevertheless, according to CryptoCrypto’s analysis, this might actually trigger the awaited upward surge.
Is an Accumulation Phase Approaching?
TON is potentially on the brink of entering an accumulation phase where large quantities of the asset are being acquired, possibly paving the way for a significant rally.
This perspective stems from sentiment analysis conducted by analyst Joaowedson, who evaluated the Normalized Risk Metric (NRM) for both long-term and medium-term perspectives.
The NRM compares TON’s price with its Simple Moving Averages (SMA); specifically, the 374-day SMA for the long term and the 50-day SMA for the medium term.
The NRM is color-coded to signify various market phases, with four distinct colors highlighting critical stages.
Historically, a green NRM suggests an imminent rally, while a blue NRM signals the final rally phase as market participants start accumulating the asset in significant amounts.
At present, the long-term NRM is positioned at the green line. Should it transition to blue, based on the 374-day SMA, TON could potentially embark on a long-term rally with a target price exceeding $8.
If the gap between price and volume widens further, it may expedite the formation of the blue NRM, thereby influencing the projected price movement.
The medium-term NRM reflects a similar trend, with the green line possibly shifting to blue. Such a transition could serve as a catalyst propelling the price upwards towards the target.
TON’s Increasing Adoption and Address Growth
As TON approaches the low-risk phase, typically associated with accumulation, price fluctuations are starting to surge, accompanied by a notable rise in the number of addresses owning TON.
Data from IntoTheBlock reveals that the total number of TON addresses holding a balance has achieved a new milestone. Last week, 108.81 million addresses were recorded, indicating a growth of 1.6 million addresses from the previous peak in December 2024.
The expanding number of addresses hints at heightened market involvement, with more purchasers gradually amassing TON. This trend is likely to play a crucial role in propelling TON’s price to higher levels in the near future.