Toncoin (TON) Eyes a Major Rally as Trading Volume Soars Amid Increased Adoption

Toncoin’s [TON] recent price movement has left analysts eyeing a major rally. Ton is enjoying strong upward movement, leaving analysts predicting a sustained increase.

Toncoin (CRYPTO: TON) traders can expect a bull run for the altcoin if it forms an engulfing candle after a breakout, according to an analysis.

Toncoin trading volume has seen a surge of 154% to reach $464.9 million. As per data from coinglass, trading volume increased from $242.5 million to $270.8 million over the past 24 hours.

The Binance listing has led to a significant increase in Toncoin prices and trading volume. Additionally, the Binance Launchpool and Super Earn event have played a role in exposing Toncoin to a wider audience, boosting its adoption.

With an allocation of $64 million in rewards for Toncoin, a large number of traders are engaging with the altcoin, creating favorable market conditions.

At the time of writing, Toncoin is trading at $6.96, exhibiting a 7.79% surge on daily charts. Furthermore, the altcoin has reported 13.5% gains on weekly charts.

These recent gains indicate that Toncoin is experiencing a short-term upward movement, where recent highs are outperforming recent lows.

A glance at Toncoin price charts reveals that the Relative Strength Index (RSI) is at 56, suggesting that Toncoin is experiencing more buying pressure than selling pressure. This bullish signal points towards the potential for further gains if the prevailing market conditions continue.

Moreover, the Advance Decline Ratio is observed to be above 1 at 1.93, further indicating that the crypto is experiencing increased buying activities.

Delving deeper into the matter, our analysis of Coinglass reveals a decline in long-position liquidation over the past week. Notably, liquidation for the long positions has decreased from $400k to $59k at the time of writing.

This observation suggests that investors are displaying confidence in the direction of the altcoin.

Finally, data from IntoTheBlock shows a positive netflow for large holders. At press time, large holders’ netflow is at 278.2K Ton, indicating a higher inflow compared to the outflow.

An increasing inflow suggests that whales are displaying confidence in the current trend and are holding long for future higher profits.

To conclude, Toncoin is currently operating within a rising wedge formation. If the current market condition continues, the altcoin will break out of this pattern. In the event of a breakout, Toncoin will surge past the $8.2 resistance level, setting a new ATH around $9.02.

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