Toncoin TON
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NAIROBI (CoinChapter.com) — Toncoin (TON), the native token of the Telegram blockchain-based platform, is showing signs of a potential price surge in June, signaling a possible uptick of 50%. Despite continued market volatility, TON has formed an ascending triangle pattern, a bullish technical formation that suggests a breakout could be imminent.

TON/USD 1-day price chart. Source:
CoinGecko
Toncoin (TON), currently trading at $7.44, has surged 6.69% in the past 24 hours, reclaiming its position as the 9th largest cryptocurrency by market cap, surpassing Cardano (ADA). This notable achievement comes on top of a staggering 2,28% return in a year, pushing its market cap to $18.26 billion.

Bullish technical indicators point to $11.80 target
A closer look at the Toncoin price chart shows the formation of an ascending triangle pattern, which is a bullish technical formation that usually precedes a significant price rally. Furthermore, the asset has been consolidating within the confines of this pattern with the ascending trendline acting as a resistance level of around $9.00.

TON/USD 1-day price chart. Source:
TradingView
Observing the chart on TradingView shows a strong buy signal for Toncoin. The 50, 200, and 20-period exponential moving averages (EMAs) are 6.194, 4.347, and 6.625, respectively, forming a bullish formation. This setup, with the short-term EMA above the long-term EMA, usually indicates an uptrend.

Furthermore, the Moving Average Convergence Divergence (MACD) and momentum indicators confirm this bullish outlook. MACD, a trend-following tool, showed positive momentum, suggesting that buyers are in control of the market.

However, caution is advised. The relative strength index (RSI) is around 68, approaching overbought territory (over 70). An RSI over 70 could trigger a price reversal as it suggests that the asset could be overvalued in the short term.

If Toncoin manages to break above the upper line of the ascending triangle, it could spark a significant uptick. Analysts speculate that a potential price target is $11.80, which is more than 50% above the current level.

Toncoin bull run is active, whale activity surges
On-chain data further supports Toncoin’s bullish outlook. A tweet from @ali_charts shows that large Toncoin transactions (over $100,000) increased by 237.5% in the past 24 hours. This surge in whale activity often foreshadows major price moves.

In the past day, there were 27 such transactions, matching the 7-day high. This suggests that institutional investors and high-net-worth individuals are actively reallocating their TON holdings. Such strategic shifts often reflect a change in sentiment in the cryptocurrency ecosystem or anticipation of a major event.

In addition, the IntoTheBlock report shows that activity on the Toncoin blockchain is very active, and all addresses holding TON tokens are currently in profit. This highlights the rapid change in investor sentiment, from caution to greed. The strategic shift by institutional investors and high-net-worth individuals shows that they are confident in Toncoin's long-term prospects and potential for further gains.

Together, these on-chain metrics, coupled with widespread profitability among all TON holders, strongly suggest a bullish trend for TON. With investors watching closely, the TON ecosystem appears poised for major price moves and developments.