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.
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including…
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including…