Toncoin Eyes Breakout: Here’s Where the Bulls Are Aiming Next

Toncoin (TON) is flashing bullish signals as traders pile into the Telegram-linked altcoin. With the broader market showing strength, TON could be primed for a run at key resistance levels.

Short-term targets: Watch for a push toward $8.50—a 15% upside from current levels. If that breaks, the next stop is the psychological $10 level (where the usual ’buy the rumor, sell the news’ crowd will inevitably cash out).

Technical setup: The 50-day moving average just crossed above the 200-day—a classic ’golden cross’ that gets chartists drooling. Volume patterns suggest accumulation, though as always in crypto, this could just be another whale playing puppet master with retail traders.

• The DeFi ecosystem on the TON network has significantly grown in the recent past bolstered by the Telegram community.

• TON price has been consolidating in a symmetrical triangle since early December.

The wider altcoin market, including Toncoin (TON), recorded a mild correction in the past 24 hours. After an impressive rally last week, the wider altcoin market experienced a significant cooling down of the bullish sentiment, hence resulting in $357 million forced liquidations of long traders.

TON price dropped nearly 4 percent in the past 24 hours to trade about $3.09 on Thursday, May 15, during the late North American trading session. As a result, the large-cap altcoin, with a fully diluted valuation of about $15.8 billion and a 24 hour average traded volume of about $229 million, had dropped about 4 percent in the past two weeks.

Toncoin Network Thrives on Telegram Messenger

The TON ecosystem has grown exponentially in the recent past mainly fueled by the vast Telegram community. According to market data from Defillama, the TON network had a total value locked of about $152 million and a stablecoins market cap of around $1.01 billion at the time of this writing.

Meanwhile, market data from CryptoRank shows that the Telegram Gifts daily turnover has been growing exponentially since early May, reaching $1.8M two days ago. The majority of Telegram NFT volume came from the Tonnel platform with about $1.2 million, and Fragment with about $220K.

What Next for TON Price

Since hitting its all-time high, about $8.25 on June 15 2024, the TON price has been trapped in a correction mode to date. However, TON price has established a robust support level above $2.5, which previously acted as a resistance level.

#Toncoin $TON is consolidating within a triangle pattern, and a breakout could trigger a 47% price move! pic.twitter.com/0vWVHRjMBG

In the daily timeframe, TON price has been consolidating in a symmetrical triangular pattern since early March. crypto analyst Ali Martinez opined that TON price is well positioned for at least a 47 percent pump if a breakout above the upper border occurs in the coming days.