TON Coin (TON) Forms Bullish Pattern, Poised to Skyrocket by 15% to $6 if This Crucial Level is Breached

TON price could soar by 15% to $6 if it closes a 4-hour candle above the $5.30 level. Wallets holding 1M to 10M tokens have skyrocketed from 0 to 1.11M since Telegram's CEO was arrested.

Toncoin (TON) price is on the verge of a potential breakout as it completes a bullish descending price action pattern on the 4-hour time frame. This technical setup suggests that TON is poised for an upcoming rally if it manages to close a 4-hour candle above a critical level.

Key Points:

TON price could soar by 15% to $6 if it closes a 4-hour candle above the $5.30 level.

Wallets holding 1M to 10M tokens have skyrocketed from 0 to 1.11M since Telegram's CEO was arrested.

After a massive price drop, Toncoin (TON) is currently preparing for a breakout and a potential rally.

According to expert technical analysis, TON is currently at a crucial support level of $5.08. For the past 20 hours, it has been consolidating within a narrow range between the $5.10 and $5.24 levels. If TON breaks out of this consolidation zone and the descending triangle and closes a 4-hour candle above the $5.30 level, it could soar by 15% to reach the $6 price level.

However, if the sentiment remains bearish and TON closes a 4-hour candle below the support level of $5.08, we may see a massive sell-off.

Meanwhile, the Relative Strength Index (RSI) for TON is currently in the oversold territory, which could indicate a potential reversal in the price trend from a downward to an upward direction.

Bullish On-Chain Metrics

Furthermore, the Sentiments' Supply Distribution metric shows that the number of wallets holding 100,000 to 1 million TON tokens has decreased significantly.

On the other hand, wallets holding 1 million to 10 million tokens have rapidly increased from 0 to 1.11 million since the arrest of Telegram's CEO. This substantial accumulation by whales could indicate a buying opportunity during the price decline, with whales viewing it as an optimal time to enter the market.

TON Price Performance and Open Interest

At the time of writing, TON is trading close to the $5.20 price level and has experienced a price decrease of over 2% in the last 24 hours.

Its trading volume, however, has increased by 25% during the same period, indicating high participation from traders and investors amidst the recent price decline.

Nevertheless, TON's open interest has decreased by 2% in the last 24 hours, according to on-chain analytics firm CoinGlass, which could indicate fear among traders due to the bearish market sentiment.

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