Toncoin (TON) is a cryptocurrency that has garnered attention for its outstanding blockchain technology, and it has recently shown signs of regaining positive momentum.
After a period of stagnation, recent indicators suggest that investor confidence is returning, potentially signaling an upward trend.
The core of this observation is the 90-day percentage return metric, which has historically been a reliable indicator of Toncoin's market sentiment.
Toncoin welcomes new positive momentum: What does the future hold?
CryptoQuant analyst Darkfost shared insights on the TON market in a recent article titled 'The Positive Momentum of TON is Returning'.
The analyst pointed out that the 90-day return has turned positive, currently around 9%. Although this figure is not high compared to the explosive 200% increase during TON's last rebound, it marks a shift that could bring greater market optimism.
Notably, the 90-day return metric has turned positive, which is a significant development for Toncoin. This indicator reflects the average return over the 90-day period, providing insight into investor behavior and market sentiment.
Historically, before significant price increases in TON, there has often been positive returns. While the current 9% return indicates growing investor confidence, it remains a cautious indicator suggesting a potential rise but not confirming a clear upward trend.
Darkfost further revealed that during the last significant surge of TON, this indicator soared over 200%, demonstrating that it has genuine strong momentum when 'conditions align'. He later emphasized that while this return shift is encouraging, it is still too early to predict whether TON will replicate its previous performance.
Performance of the TON market
Meanwhile, despite Darkfost observing positive momentum, Toncoin has been on a downward trend over the past week, dropping nearly 10%.
Even in the past 24 hours, TON's price continues to show a bearish trend, with the current trading price at $6.27, further deviating from the historical high of $8.25 set in June.
Specifically, based on current market prices, TON has declined 24.2% from its peak and dropped 3.1% in the past day. This decline has unsurprisingly affected the asset's market capitalization, which has fallen from over $17 billion at the beginning of this month to $15.9 billion.
The daily trading volume of TON has also plummeted from over $1 million on December 10 to about $402.8 million today.
Despite TON's poor performance, analysts still seem optimistic about the stock. In a recent analysis uploaded to X, The Moon Show revealed that TON's recent formation of a symmetrical triangle on its 1-hour chart could lead to an upward breakout, potentially raising its price to $7.55.
$TON is forming this 1-hour symmetrical triangle. If it breaks upwards, the target is $7.55 🎯
