Ton trading volume soars by 154% amidst increased buying interest

• Ton trading volume soars by 154% as prices increase amidst buying interest.
• Analyst eye a breakout for a rally to $10.

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.

For instance, crypto analyst Vlad Hrynive eyes a surge to a new all-time high at $10. On an analysis shared through X page, he notes that,

“The altcoin trades at $7.06 with a surge in trading volume. An uptrend continuation in the altcoin can target the $7.60 and the $8 mark before a rally to $10.”

Source: X

According to the analysts, a sustained uptrend will mean a bull run for the altcoin since it forms an engulfing candle after a breakout.

Toncoin trading volume soars amid increased adoption

This positive market sentiment arises from a sudden surge in trading volume. As of this writing, Toncoin trading volume has surged by 154% to $464.9 million.

The data from coinglass shows that trading volume has increased from $242.5 million to $270.8 million over the past 24 hours.

Source: Coinglass

Notably, the Binance listing has sent its prices and trading volume soaring. Also, the Binance launch pool and super earn event have exposed Ton to many users, thus increasing adoption.

With $64 million in rewards up for Ton, many traders are dealing with Ton, thus creating favorable market conditions.

What Ton price charts indicate

At press time, Toncoin is trading at $6.96 after 7.79% surge on daily charts. Also, the altcoin has reported 13.5% gains on weekly charts.

These recent gains show Ton is enjoying a short-term upward movement, with recent highs outweighing recent lows.

Source: Tradingview

The Relative Strength Index (RSI) is at 56, suggesting Ton is experiencing more buying pressure than selling pressure. This bullish signal indicates room for potential gains if prevailing market conditions prevail.

Also, the Advance Decline Ratio is above 1 at 1.93, which further shows the crypto is experiencing increased buying activities.

Source: Coinglass

Looking further, our analysis of Coinglass shows a decline in long-position liquidation over the past week. Liquidation for the long positions has declined from $400k to $59k as of this writing.

This shows investors are confident about altcoin’s direction.

Source: IntoTheBlock

Finally, data from IntoTheBlock shows positive netflow for large holders. At press time, large holders’ netflow is at 278.2K Ton, which shows more inflow than outflow.

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Increased inflow implies whales are confident with the current trend and hold long for future higher profits.

Therefore, Ton is currently operating in a rising wedge formation. If the current market condition prevails, the altcoin will break this pattern. Ton will surge above $8.2 resistance level if it breaks out of the pattern, making a new ATH around $9.02.