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<p>The post <a href="https://coinpedia.org/news/toncoin-ton-set-for-bullish-breakout-eyes-on-15-price-surge/" rel="noopener noreferrer nofollow">Toncoin (TON) Set for Bullish Breakout, Eyes on 15% Price Surge</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>After a massive price drop in Toncoin (TON), it is currently poised for a breakout and a potential rally. Since Telegram CEO Pavel Durov got arrested in France, TON price has experienced a price drop of over 25% and currently struggling to gain momentum.&nbsp;</p>
<h2 class="wp-block-heading" id="h-ton-price-prediction-nbsp"><strong>TON Price Prediction&nbsp;</strong></h2>
<p>Amid this ongoing consolidation, TON has formed a bullish descending price action pattern in the four-hour time frame. It is in now a narrow zone and is ready for a breakout.</p>
<p>According to the expert technical analysis, TON is at a crucial support level of $5.08. For the last 20 hours, it has been consolidating in a tight range between $5.1 and $5.24 level. If TON gives a breakout of this consolidation zone and descending triangle and closes a 4-hour candle above the $5.30 level, there is a high possibility it could soar by 15% to $6.&nbsp;</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/03034906/TONUSDT_2024-09-03_03-48-50.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/09/03034906/TONUSDT_2024-09-03_03-48-50-1024x449.png" alt="" class="wp-image-346291" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/03034906/TONUSDT_2024-09-03_03-48-50-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034906/TONUSDT_2024-09-03_03-48-50-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034906/TONUSDT_2024-09-03_03-48-50-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034906/TONUSDT_2024-09-03_03-48-50-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034906/TONUSDT_2024-09-03_03-48-50-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034906/TONUSDT_2024-09-03_03-48-50.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source; Trading View
 </figcaption>
</figure>
<p>Meanwhile, if sentiment remains bearish and TON closes a 4-hour candle below the support level of $5.08, we may witness a massive sell-off. Currently, TON’s Relative Strength Index (RSI) is in the oversold territory indicating potential price reversal from a downward to upward.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics-nbsp"><strong>Bullish On-Chain Metrics&nbsp;</strong></h2>
<p>Additionally, the Sentiments’ Supply Distribution metric suggests that the number of wallets holding 100,000 to 1 million TON tokens has significantly declined. Meanwhile, the wallets holding 1 million to 10 million tokens have skyrocketed from 0 to 1.11 million since <a href="https://coinpedia.org/news/telegram-surges-in-app-charts-after-ceo-arrest-expert-discusses-impact-on-other-messaging-apps/" rel="noopener noreferrer nofollow">Telegram’s CEO</a> was arrested.&nbsp;&nbsp;</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="347" src="https://image.coinpedia.org/wp-content/uploads/2024/09/03034948/Toncoin-TON-12.45.52-02-Sep-2024-638608664518145805-1024x347.png" alt="" class="wp-image-346292" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/03034948/Toncoin-TON-12.45.52-02-Sep-2024-638608664518145805-1024x347.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034948/Toncoin-TON-12.45.52-02-Sep-2024-638608664518145805-300x102.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034948/Toncoin-TON-12.45.52-02-Sep-2024-638608664518145805-768x260.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034948/Toncoin-TON-12.45.52-02-Sep-2024-638608664518145805-1536x520.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034948/Toncoin-TON-12.45.52-02-Sep-2024-638608664518145805-2048x693.png 2048w, https://image.coinpedia.org/wp-content/uploads/2024/09/03034948/Toncoin-TON-12.45.52-02-Sep-2024-638608664518145805-150x51.png 150w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: Santiment
 </figcaption>
</figure>
<p>This significant surge accumulation by the whales indicates a potential buying opportunity amid a price decline and suggests that whales might consider this a perfect time to buy.</p>
<h2 class="wp-block-heading" id="h-ton-price-performance-and-open-interest-nbsp-nbsp"><strong>TON Price Performance and Open Interest&nbsp;&nbsp;</strong></h2>
<p>At press time, TON is trading near $5.20 and has experienced a price drop of over 2% in the last 24 hours. Meanwhile, its trading volume has increased by 25% during the same period indicating higher participation from traders and investors amid the recent price decline.</p>
<p>However, TON’s <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="noopener noreferrer nofollow">open interest </a>has dropped by 2% in the last 24 hours, according to the on-chain analytic firm CoinGlass. This decline indicates potential fear among traders due to bearish market sentiment.</p>

Toncoin (TON) Set for Bullish Breakout, Eyes on 15% Price Surge

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