TonCoin (Ton) Set For Bullish Breakout, Eyes On 15% Price Increase

Toncoin (TON) is now poised for a breakout and a rally after a significant decline in price. Telegram's stock has fallen more than 25% since CEO Pavel Durov was arrested in France and is currently struggling to regain momentum.

Ton price forecast

In this ongoing consolidation, the ton has formed a very low price action pattern in the four-hour time frame. He is now in a tight spot and ready to go.

According to expert technical analysis, the ton is at the critical support level of $5.08. For the past 20 hours, it has been consolidating in a tight range between the $5.1 and $5.24 levels. If Tons gives this consolidation zone and descending triangle and the 4-hour candle closes above $5.30, there is a high probability of a 15% rally to $6.

Meanwhile, if the sentiment remains weak and Ton closes the 4-hour candle below the $5.08 support level, we may witness a major sell-off. Currently, Ton's Relative Strength Index (RSI) is in the oversold territory, indicating that a price reversal is likely from the bottom to the top.

Bullish On-Chain Indicators

Additionally, Sentiment's supply distribution measure has significantly reduced the number of wallets holding 100,000 to 1 million tons of tokens. Meanwhile, wallets holding between 1 million and 10 million tokens rose from 0 to 1.11 million after the arrest of Telegram's CEO.

This significant stock of whales indicates a buying opportunity during a bear market and suggests that whales may consider it an opportune time to buy.

Ton price performance and open demand

At press time, the ton was trading around $5.20, down more than 2% in the last 24 hours. Meanwhile, the transaction volume increased by 25 percent.

However, open demand for TON has fallen by 2% in the past 24 hours, according to on-chain analytics firm CoinGlass. This decline indicates concern among traders due to depressed market sentiment.