Toncoin (TON) price could be on the verge of a major breakout, with the coin nearing a critical threshold that offers significant profit opportunities for investors.
The analysis identifies driving forces behind Toncoin's upward momentum, emphasizing the potential gains of a sustained rally for traders and long-term holders alike.
Currently, TON is trading at $5.54 and is ranked as the 9th most valuable cryptocurrency. Data from IntoTheBlock suggests the coin could recover from a 33% drop since its all-time high.
IntoTheBlock’s Global In/Out of Money (GIOM) shows that 3.78 billion tokens purchased at $1.98 are in profit. Larger clusters at specific price levels indicate stronger support or resistance, pointing to potential price rises.
Over 30 million addresses hold 222 million TON tokens at a loss. This volume, accumulated at $1.98, could provide substantial support for the coin to rise above $7.45, leading to $1.22 billion in profits.
Toncoin’s three-month liquidation heatmap also suggests a potential price increase, indicating high liquidity concentrations that could push the price initially to $6 and then to $7.45 with increased buying pressure.
Technical analysis shows Toncoin fluctuating between $5.45 and $5.55, with indicators like the Bull Bear Power (BBP) and Chaikin Money Flow (CMF) suggesting bullish dominance and potential rises to $6.48 or $7.27.
However, a decline in sellers' strength might pull the price back to $4.95.
