- Toncoin is following the support level of the ascending trend line which has been tested thrice in the last three months.
- On-chain data shows an increase in social volume and whale trading.
Ton Coin [TON] It is showing strong bullish signs and suggests that the price can surge to $7.50.
On-chain data highlighted significant activity, including increased social volume, whale trading, and a retest of key trendline support levels.
At the time of writing, Toncoin price is $6.91, up 3.87% in the last 24 hours and 7.37% in the last 7 days. TON has a market capitalization of $16.7 billion.
However, 24-hour trading volume fell significantly by 53.81% to $230 million.
Increased social volume indicates long-term interest
AMBCrypto analyzed Toncoin’s social volume and found a significant increase since late March 2024.
Peaks in social discussion often precede price movements, reflecting growing community interest in TON’s future prospects.
This increased interest is likely a sign that more investors are looking to take long positions in TON in anticipation of a significant price increase.
Source: Santiment
Whale trade surges
AMBCrypto further analyzed whale transaction counts on Santiment, which showed a sharp increase in whale trading since early April 2024. The surge in whale activity suggests that large investors are accumulating TON.
This accumulation may indicate confidence in TON’s long-term potential and expectations for significant price growth, which could signal a bullish signal.
Source: Santiment
Toncoin’s price movement over the past three months has been following a consistent upward trend along the ascending trendline support level.
During this period, support was tested thrice, with the latest retest seeing a retracement to close the $6.0 fair value gap to correct the imbalance before resuming the primary trend.
This retracement to $6.0 acted as a healthy correction and provided a stronger foundation for the subsequent upside. The price then resumed its upward trajectory and strengthened the ascending trend line. This pattern of support retest and successful rebound highlights that the bullish momentum for TONCOIN is solid.
Source: Tradingview
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Toncoin is showing all the right signs for a bullish breakout.
With a successful retest of trendline support and strong on-chain data backing up the upside, TON is very likely to reach $7.5 and potentially reach new highs.
