Toncoin Shows Bullish Signs Amid Market Shift: Rebound on the Horizon?

After a month of decline, Toncoin (TON) is displaying a bullish sentiment as market fundamentals improve. Key indicators and investor behavior suggest potential for a price rebound toward the $5.4 resistance level

In a fluctuating crypto market, Toncoin (TON) has seen significant losses, with a 14.64% decline over the past month. Recently trading at $4.95, TON has dropped 2.42% in the past day, extending its bearish trend to 6.06% weekly. Despite the broader market cooling, a shift in sentiment toward Toncoin suggests a potential turnaround.

Market Analysis and Buy Signal

Prominent crypto analyst Ali Martinez has highlighted that Toncoin’s 12-hour TD Sequential chart indicates a buy signal, suggesting potential upward movement. The signal reflects diminishing selling pressure, hinting that buyers might capitalize on lower prices to create buying momentum. Consequently, TON’s trading volume has spiked by 126% to $313.1 million, with traders entering the market at reduced rates.

Large Holders Accumulate

As indicators point to an accumulation phase, Toncoin’s large holder Netflow Ratio has dropped significantly from a monthly peak of 289% to 70%, underscoring investor confidence. This accumulation aligns with other bullish signals, such as rising outflows from exchanges—indicating that investors are storing TON in cold wallets, reflecting confidence in the asset’s future.

Price Projections

The current bullish sentiment may drive TON to reclaim the $5.4 resistance level, with a possible breakout reaching $5.8. Should bulls fail to gain traction, TON could see a further decline, with support near $4.02.

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