In the last 24 hours, Toncoin [TON] has shown a significant upward movement, recording a 1.83% increase, adding to a weekly rise of 5.78%. Despite this positive price action, trading volume dipped by 7.29% to $185.5 million within the same period.
A divergence between price and volume, a potential precursor to a price decline, has been observed. However, analysis from CryptoCrypto suggests that a price drop could trigger the anticipated upward momentum.
Is an Accumulation Phase Imminent?
There are indications that TON might soon enter an accumulation phase, where significant quantities of the asset are purchased, potentially laying the groundwork for a substantial rally.
This perspective is derived from sentiment analysis conducted by analyst Joaowedson, who examined the Normalized Risk Metric (NRM) for both long-term and medium-term perspectives.
The NRM evaluates TON’s price against its Simple Moving Averages (SMA) — the 374-day SMA for the long term and the 50-day SMA for the medium term.
The NRM uses color codes to represent different market phases, with distinct colors corresponding to crucial stages.
Historically, a green NRM suggests an upcoming rally, while a blue NRM indicates the final rally phase, characterized by significant accumulation of the asset by market participants.
Currently, the long-term NRM is at the green line. A shift to blue, based on the 374-day SMA, could potentially propel TON into a long-term rally with a target price surpassing $8.
Further extension of the divergence between price and volume could expedite the formation of the blue NRM, exerting influence on the anticipated price movement.
The medium-term NRM exhibits a similar pattern, with the green line possibly transitioning to blue. Such a shift would serve as a catalyst, propelling the price closer to the target level.
With both medium-term and long-term NRM aligning, there is strong evidence suggesting an impending major rally, especially if both metrics simultaneously turn blue. This transformation could drive TON’s price above $8 and into loftier territories on the charts.
TON Witnessing Increased Adoption as Address Growth Skyrockets
As TON nears the low-risk phase conducive to accumulation, price movements are gaining momentum. The number of addresses holding TON is on the rise.
According to data from IntoTheBlock, the total count of TON addresses with a balance has reached a new milestone. Last week, 108.81 million addresses were tallied, marking a surge of 1.6 million addresses compared to the prior high noted in December 2024.
The uptick in address numbers hints at heightened market involvement, with more buyers gradually amassing TON. This trend is poised to play a significant role in steering TON’s price towards higher levels in the near future.