Why Toncoin may be on traders’ radar in June

NOIDA (CoinChapter.com) - Toncoin price is expanding its ecosystem and use cases through updates and collaborations. For example, the project integrated with Telegram, a messaging platform with more than 900 million users.

Additionally, Pantera Capital’s investment in the Open Network earlier in May 2024 further bolstered market confidence in the project. The introduction of the Tether (USDT) stablecoin on the TON blockchain and Telegram’s potential initial public offering (IPO) have also led to increased interest in the project.

Between the low of $4.6 on May 1 and the monthly high near $7.5 on May 13, TON price increased by 63%, and then the coin began to consolidate. However, Toncoin has some bullish signals that may help the coin to gain more in June.

Strategic whale accumulation could be a bullish sign

A recent report by CryptoQuant highlighted the increased interest in Toncoin from major market players. The number of addresses holding between 100,000 and 1 million TON tokens has been steadily increasing. This growth indicates a strong interest from major market players, suggesting a strategic accumulation.

Furthermore, these whale addresses keep accumulating more Toncoin tokens, indicating that the largest wallet addresses may hold a bullish outlook on TON.

Furthermore, whale accumulation could be a bullish sign for Toncoin as retail investors would view accumulation as a sign of trust in the project from major players. Additionally, whale transactions often influence overall market sentiment due to their large transaction sizes.

Therefore, the increase in whale accumulation bodes well for the future of TON. As significant investors increase their holdings, overall confidence in the TON ecosystem grows, encouraging other investors to follow suit.

The resulting ripple effect could lead to greater market stability and a stronger value proposition for TON.

Bullish technical indicators for Toncoin

Meanwhile, TON price has formed a bullish technical structure known as an “ascending triangle.”

Historically, a horizontal trendline connecting swing highs and an uptrend line connecting swing lows form an ascending triangle pattern. Additionally, volume helps determine if a breakout is strong. Under ideal conditions, buyers enter the market when the trendlines are close.

Therefore, the price of the coin will break above the horizontal resistance with a large volume.

According to the rules of technical analysis, the price target of the breakout is equal to the height of the triangle at its widest point. If the bullish pattern materializes, Toncoin’s theoretical price target is close to $9.4, which is 47% upside from current levels.