Toncoin (TON) Price Soars Over 5% as BTC Consolidates: Is a Bullish Breakout Looming?

• Toncoin (TON) rose 5.17% in 24 hours to $6.89, despite a 53.83% drop in trading volume.
• TON’s market cap climbs to $16.73 billion, up 4.96%, signaling strong investor confidence.
• Whale transactions over $100k surge 237%, hinting at potential major market movements.

The Toncoin (TON) price has been bullish in the last 24 hours, exhibiting a notable upward trend. During this trend, the price rallied from a low of $6.60 to a peak of $6.93, suggesting sustained buying interest and a positive market sentiment. As of press time, TON was trading at $6.89, a 5.17% surge from the intra-day low. 

Concurrently, the trading volume for Toncoin has decreased by 53.83%, which suggests that traders are exiting positions as they take profits from the recent uptrend. However, the TON’s market capitalization has increased by 4.96% to $16.73 billion. This growth in market cap suggests that investors are still confident in the long-term potential of TON despite the recent decrease in trading volume. 

TON/USD 24-hour price chart (source: CoinMarketCap)

Analysts say Toncoin trades within an ascending channel, indicating a bullish trend. The current consolidation zone around the $6.816 price level suggests a potential shift for upward movement. On the TON price chart, the key resistance levels are noted at $7.230 and $7.671, which is critical for Toncoin to break and sustain its bullish rally.

Subsequently, the Toncoin’s price trend is also influenced by Bitcoin’s (BTC) performance. The BTC/USD trend shows recent consolidation and a potential bullish breakout, which could act as a catalyst for Toncoin’s bullish potential. According to the analysts, Bitcoin’s performance often impacts altcoins, and a strong performance in Bitcoin could lead to increased investor confidence across the cryptocurrency market, benefiting coins like Toncoin.

Source: X

Consequently, the chart indicates a potential breakout above the critical resistance of $7.230. If Toncoin breaks this resistance, it might quickly test the next resistance at $7.671, with possible bullish momentum pushing it further. 

TON Whale Activity Surge

Toncoin has also seen a substantial rise in whale activity, with large transactions over $100,000 up by more than 237%. This spike in large-scale transactions might suggest a major price movement as large holders adjust their positions in anticipation of market shifts.

Crypto analyst Ali highlighted that the increase in large transactions suggests a strategic shift in whale investments and positions. This surge might indicate a potential market move, as whales typically adjust their holdings in response to anticipated changes in price or market conditions. The rise in whale activity is an important indicator, suggesting that market participants are preparing for a substantial price move. This trend aligns with the analyst’s forecast that TON is moving within an ascending channel with the potential for a rally toward $7.671.