Toncoin Poised for a Breakout to New Highs

Toncoin [TON] is exhibiting strong bullish signals, suggesting a potential rise to $7.5. Online data highlights significant activity, including increased social volume, whale transactions, and a retest of a major trendline support level.

At the time of writing, Toncoin is priced at $7.37, marking a 9% increase over the past 24 hours. TON’s market cap stands at $17.7 billion. However, the 24-hour trading volume has significantly decreased by 53.81% to $230 million.

Rising Social Volume Indicates Long-Term Interest

An analysis of Toncoin’s social volume reveals a substantial increase since late March 2024. Peaks in social discussions often precede price movements, reflecting growing community interest in TON’s future prospects. This heightened interest suggests that many investors are eyeing long positions in TON, potentially anticipating a significant price increase.

Surge in Whale Transactions

A deeper analysis of whale transaction data from Santiment shows a notable surge in whale transactions beginning in early April 2024. This spike in whale activity indicates that large investors are accumulating TON. This accumulation suggests confidence in TON’s long-term potential and expectations of significant price increases, signaling a bullish trend.

Related: Toncoin Outperforming Bitcoin in Price Performance and Activity

Toncoin’s price action over the past three months has followed a consistent upward trend, adhering to the support of a rising trendline. This support has been tested three times during this period. The most recent retest involved a pullback to fill the fair value gap at $6.0, correcting the imbalance before resuming its primary trend.

This retracement to $6.0 served as a healthy correction, providing a more solid foundation for the next upward move. The price then rebounded before continuing its upward trajectory, reinforcing the ascending trendline. This pattern of testing support and successfully recovering underscores Toncoin’s strong bullish momentum.

Toncoin is displaying all the right signals for a bullish breakout. With the successful retest of the trendline support and robust on-chain data supporting its rise, TON is likely on its way to reaching $7.5 and potentially achieving new highs.