Toncoin (TON) is showing potential for a breakout. Its price has been steadily increasing from $2.93 to its current level. The coin seems set to attempt a higher level once it stabilizes above the $3 level as transactions continue.
Toncoin breaks trendline, but volume lags
According to CoinMarketCap data, in the last 24 hours, Toncoin has climbed by 2.14% and trading at $3. The uptick comes after finding sustained support at the $2.80 and $2.90 price levels in the past few days.
However, trading volume has not matched the price increase as investors have not rallied for TON. As of press time, volume remains down by 15.17% at $110.85 million. This could suggest that traders were not anticipating such a price reversal so soon, anticipating the bear market to linger longer.
Toncoin’s technical indicators reveal that the asset has broken a falling trendline. If the support holds, then TON could soar once the volume picks up again.
If Toncoin experiences a price breakout, it will likely attempt to reach $4. The last time Toncoin traded at such a level was on April 1, 2025. This was shortly after Pavel Durov, Telegram’s founder, revealed details about TON’s success and million-dollar backing.
Ever since, TON has been on a downward path, facing rejection on subsequent attempts. How it performs on this rebound might depend on ecosystem support, all hinging on investor interest.
Toncoin whales and push for stability
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It is worth mentioning that Toncoin’s journey to $4 might face significant t resistance at the $3.24 level. Notably, as highlighted by Ali Martinez, an on-chain analyst, about 1.21 million wallets acquired TON at this price.
If the investors decide to dump their holdings to cut further losses, the gains made could reverse. However, if these Toncoin investors are bullish, they could support the asset.
