Can Toncoin rally to $6.02? Why it’s a real possibility

• Toncoin’s price rose 15.97% in the last seven days as it market cap reached $14.02 billion.
• Metrics signaled a potential for continued upward momentum.

Toncoin [TON] has surged substantially recently, with its price up 2.25% in the last day and 15.97% in the last week. This boost has increased its market capitalization to $14.02 billion at press time.

Trading volume has also gone through a significant increase, up by 30.56% to $302.78 million in the last day, reflecting increasing investor interest and market activity.

The current price action suggested that Toncoin was trading above a critical support level. On the chart, a descending trend line was visible.

Notably, TON was accumulating bullish momentum towards the $6.02 level at press time. A breakout above this level could allow for a change in market psychology and the start of a new uptrend.

Source: TradingView

From the price chart, a well-defined uptrend price action is evident, with higher lows forming a bullish pattern. This kind of structure points to increased buyer confidence and may fuel further price appreciation.

However, the stochastic RSI was at the overbought zone at press time, indicating that short term market corrections may occur before bullish rally continuation.

TON paints bullish picture

Interestingly, according to Coinglass, 33.75% of holders were in profit at press time. Given that this percentage is relatively low, there is a room for short term rally before the real concern of sell pressure.

Source: IntoTheBlock

Additionally, the liquidation heat map data indicated a bullish bias as investors appeared to be positioning themselves for upside movement.

There were liquidation pools above the $6.02 support level on the fair value gap left by the sudden drop on the 24th of August. This liquidation pool may act as a price magnet to pull Toncoin’s price upwards.

Source: Coinglass

What’s next for Toncoin?

Given the current dynamics in the market, one can only expect Toncoin to keep growing throughout the next quarter.

Read Toncoin’s [TON] Price Prediction 2024–2025

Positive price action, bullish on-chain metrics, and technical breakouts go in favor of Toncoin’s bullish continuation.

However, market participants should be cautious about wider market influence, including possible volatility.