After experiencing a significant drop of 14.64% over the past month, Toncoin (TON) seems poised for a rebound. Although overall market sentiment has shifted from bearish to bullish, the cryptocurrency market has also seen a strong rise, with Bitcoin (BTC) once soaring to a local high of $69,000. However, in the past week, the market has gradually cooled down, and most cryptocurrencies have declined, leaving the altcoin market in distress.
After reaching a monthly high of $5.8, Toncoin has suffered a blow and is currently trading at $4.95, down 2.42% in the past day. In this market environment, the crypto community has begun to closely monitor the trends of altcoins. Noted analyst Ali Martinez pointed out that the current situation of TON actually signals a buying opportunity.
He stated that the 12-hour chart of Toncoin shows a buy signal, indicating that the price may rebound in the near future. The easing of this selling pressure suggests that bears are losing momentum, and buyers may take advantage of lower prices, thereby increasing buying pressure. Trading activity in the past day also surged by 126%, reaching $313.1 million, indicating investor interest in lower prices.
Despite TON experiencing a continuous decline, market confidence is recovering. The net flow ratio of large holders has dropped from 289% to 70%, indicating they have begun accumulating assets in anticipation of returns. Additionally, the total outflow of Toncoin on aggregation exchanges has increased to 7 million tokens, showing investor confidence in the future prospects of altcoins.
In summary, the current market sentiment for TON is gradually turning bullish. If this trend continues, Toncoin is expected to challenge the resistance level of $5.4 in the short term, and if it breaks through, it may return to $5.8. However, if the bulls fail to take control of the market, the risk of further decline could cause TON to drop to $4.02.
