As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of price movements and trends. The current situation of Toncoin (TON) presents an interesting case study.
On Wednesday’s U.S. trading session, Toncoin experienced a minimal 0.2% decrease, closing at $5.2. This slight dip created a neutral candle in the daily chart, maintaining the consolidation pattern that has been ongoing since early October. However, with an uptick in USDT transactions on the TON network and hints of a bullish reversal, Toncoin appears to be gearing up for a potential breakout above $8.
Can USDT Adoption on TON Propel Toncoin Price for $8 Breakout?
As a crypto investor, I’ve noticed an intriguing development: according to CryptoQuant analyst Maartunn, the USDT stablecoin is experiencing substantial growth within The Open Network (TON) blockchain. In essence, USDT operates like a Jetton, which is TON’s counterpart to Ethereum‘s ERC-20 token standard. Remarkably, in just the past 30 days, it has become the most traded token on the platform, recording more than 4.5 million transactions.
Notably, over $300 Million worth of USDT transactions on the TON blockchain were processed merely a month ago. This significant volume suggests that the TON blockchain is becoming increasingly popular for stablecoin transactions. The secure and efficient handling of these transactions underscores the strength and resilience of its network, potentially driving demand for its native cryptocurrency.
USDT on $TON increasing in popularity
In the last month, Tether (USDT) has emerged as the most frequently used cryptocurrency on the Jetton network, boasting 4,542,418 transactions during this timeframe. Moreover, transactions involving USDT on the #TON platform surpassed $300 million approximately a month ago.” – By @JA_Maartun’s Paraphrase
Link …
— CryptoQuant.com (@cryptoquant_com) October 16, 2024
As the deadline approached, the value of Toncoin was exchanged at approximately $5.24, with a total market worth of around $13.23 billion.
Whale Accumulation and Exchange Supply Drop Point to TON Rally
Based on Santiment’s data, the proportion of Toncoin held by top addresses has significantly increased from 23.6% to 28.07%. This rise in holdings by large investors suggests their faith in TON’s potential growth. In the past, similar accumulation trends by ‘whales’ have often led to significant price reversals and sustained recoveries.
As an analyst, I’ve noticed a significant drop in the TON supply on exchanges, from 2.54 million to 1.68 million since September. This reduction in exchange balances typically suggests that investors are transferring their assets into cold storage or personal wallets. This trend indicates a shift towards long-term holding rather than short-term trading or selling.
A growing number of whales buying and less selling activity on the exchange could strengthen the Toncoin price, potentially leading to a prolonged price increase.
TON Price Eyes Major Breakout Amid Reversal Pattern
For approximately two weeks now, Toncoin’s price has remained consistently above the significant $5 mark. This stability on a daily scale might be interpreted as hesitation among either buyers or sellers, but closer examination suggests the emergence of an inverted head-and-shoulder pattern.
In theory, it appears that traders who follow the three-signal pattern are currently trying to protect the lower prices, typically a precursor to a significant price shift. Currently, TON coin is just 2.22% short of testing the resistance level at $5.3, which could act as a barrier for further growth.
A successful breakout will boost the buying momentum and drive the asset past $6, followed by $8.2.
If the price of Toncoin doesn’t manage to break above the resistance trendline that has held strong since July 2024, there might be a possibility for the sellers to exert more pressure, potentially leading to another downward correction.
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2024-10-16 20:22