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Is Toncoin (TON) Price Preparing for a Breakout to Form New ATH?
Toncoin’s (TON) price is looking at gains again as the positive cues make a comeback, particularly that of the investors.
The increasing confidence among TON holders is a sign that the altcoin could chart a new ATH this month.
Toncoin Investors Are Bullish
Toncoin’s price fell from its all-time high of $8.28, resulting in a drop below the uptrend line it was above. This, however, did not impact the TON holders much, who remain bullish in their actions.
One of the biggest pieces of evidence of conviction came from the shift of supply from the hands of short-term investors into that of mid-term holders. The former hold their assets for less than a month, while the latter do so for more than a month and less than a year. As 4% of TON’s supply made its way into the latter’s wallets, it became clear that the investors wanted sustainable profits.
Read More: 6 Best Toncoin (TON) Wallets in 2024
However, investors hoped for it and also worked towards making it happen. The active addresses are currently averaging at the same level as when TON marked its recent ATH. This means that the conviction to repeat the events is still high.
As the network’s participation grows, the transaction volume will also remain high, improving the overall liquidity in the market. This is always a good sign for any crypto asset. Thus, the altcoin has a very good shot at a rally.
TON Price Prediction: New Highs Await
Toncoin’s price, trading at $7.30, is attempting to climb back above the uptrend line that has been under it since May. In doing so, TON would be able to breach and flip $7.53 into a support floor.
This would be helpful to Toncoin since it aims to rally forth and breach $8.28 to form a new all-time high. The last ATH was back in June, nearly at this time, and a repeat of the same would lead to considerable profits for its investors.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
But if the breach of $7.53 fails, the altcoin could lose its bullish momentum and fall to $7.07. Losing this support could result in losses for the altcoin investors and invalidate the bullish thesis of Toncoin’s price.
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