Toncoin (TON) Price Analysis: Bullish Surge but On-Chain Data Raises Concerns
Toncoin (TON) has been on a tear recently, experiencing a significant price surge. The coin’s price climbed to $7.44, surpassing the key $7.40 support level, fueled by increased trading volume. This bullish momentum has propelled Toncoin’s market capitalization to $18 billion, solidifying its position as the eighth-largest cryptocurrency by market value.
However, while the price action is positive, on-chain data paints a slightly different picture. Network growth for TON has declined materially in recent days, suggesting a decrease in new addresses interested in buying TON. This could negatively impact the chances of a continued rally.
Additionally, the velocity at which TON was trading has also declined, indicating a decrease in trading frequency. This further supports the notion that the recent bullish surge may be losing steam.
Here are some key points to consider:
- Toncoin’s price has surged, reaching a high of $7.54.
- Increased trading volume and positive price action indicate market optimism.
- The RSI (Relative Strength Index) for TON rose to 50.59, suggesting neutral bullish momentum.
- On-chain data reveals a decline in network growth and trading velocity, potentially signaling a slowdown in the rally.
While the recent price surge is encouraging, it’s important to consider the mixed signals from on-chain data. Investors should remain vigilant and monitor these developments closely.
