After several months of flimsy rallies, the bulls grabbed control of Toncoin, sparking a significant price surge that resulted in a new all-time high of $7.78. TON has shown a similar profit-seeking behaviour before; in March, the altcoin had a similar drive that resulted in an outdated peak. Is that all, then? Will there be a decline in the price of TON, or will the bulls continue to drive the value higher? Let’s talk about that in this blog post.
Why Did The TON Price Reach a New High?
Since the beginning of the year, Toncoin has maintained a respectable velocity, rising from $2.2 to $7.78 in just six months. With a 3X rise, TON has surpassed Shiba Inu to become the most preferred cryptocurrency among investors, ranking among the top ten cryptocurrencies. As a result of the increased demand in the cryptocurrency world, the price of Tonecoin has kept rising. Furthermore, the current strong attitudes in the market have undoubtedly contributed to this increase.
Most notably, on June 3, 2024, whale activity with a value above $100,000 climbed by 237%, as the crypto analyst Ali clarified. The whales’ accumulation of this increased buying pressure on altcoin investors.
The number of large #Toncoin transactions (over $100,000) has surged by 237.5% in the past 24 hours!
This significant increase in $TON whale activity suggests a strategic shift in their investments and positions. pic.twitter.com/iEHWFgxcp1
— Ali (@ali_charts) June 3, 2024
Bitcoin, along with Telegram, is another addition to Toncoin’s popularity. This recently released meme coin on The Open Network has experienced significant growth in the last few days. The price of Bitcoin is currently $0.0225, up 350% from its previous high.
What Will Happen With TON Price Next?
Even though the price of TON has shifted 5% away from the ATH, the altcoin’s bullishness is still at its highest level. According to technical analysis, the Toncoin is in a strong purchase zone, which has the potential to increase its value, which considers both simple and exponential averages. Furthermore, the momentum indicators and the Moving Average Convergence Divergence (MACD) both discuss this.
On the other hand, the Relative Strength Index is approaching the overbuying zone at roughly 68. If the index rises above 70, a price reversal that lowers the TON price could occur. Investors’ greed is currently high, and the cost of TON could increase to $7.85 over the next several days.
