As the market gains momentum, TON is on the verge of surpassing its previous month’s high.
- TON has broken out of a symmetrical triangle formation, signaling a potential bullish phase ahead. The increase in active addresses shows a surge in buying activity, increasing the likelihood of an upward trend.
Despite modest movements, Toncoin [TON] has achieved a gain of 8.97% over the past month and a slight increase of 0.31% in the last 24 hours.
With the expected momentum, TON is anticipated to reach new market highs since August.
The market shapes up for a rally
Since the 14th of August, TON has been trading within a symmetrical triangle, consistently oscillating within this pattern.
The outcome of this trading formation typically results in a major upward movement; in this case, TON is set to potentially surpass its previous all-time high of $7.26.
Although breakouts usually trigger high momentum, TON presents a delay with its gradual ascent, as reflected by its daily gains of less than 1%.
Source: TradingView
Further analysis reveals that this subdued momentum can be attributed to a major resistance level at $5.826.
A breakthrough of this threshold with TON trading above it could catalyze a sharp rise in TON’s price from that point forward.
Impending massive supply squeeze for TON
TON’s Exchange Netflow has shown a consistent decline over the past seven days, signaling strong buyer interest in the asset.
This metric measures the supply of TON across multiple cryptocurrency exchanges. A drop indicates reduced availability of TON, suggesting that investors are opting to hold onto their assets rather than sell.
The 478.66k TON recently moved out of exchanges, which coincided with heightened activity and increasing interest among traders.
Data from IntoTheBlock reveals that the number of active addresses, representing market participants, has climbed to 4.21 million traders competing for TON.
Source: IntoTheBlock
This surge in trader activity contributes to the growing positive sentiment and hints at the potential for a significant upward movement in TON’s price.
More green days ahead for TON
Interest in TON has heightened significantly over the past 24 hours.
Current data from Coinglass indicates that Open Interest, a measure of trader commitment, has surged, suggesting that long traders are optimistic about an upswing in TON’s trading performance.
Open Interest has increased to $264.64 million, accompanied by a 45.4% rise in trading volume. This demonstrates that traders are actively purchasing the asset, signaling continued bullish sentiment in the market.
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