NOIDA (CoinChapter.com)— Toncoin price has been expanding its ecosystem and use cases through updates and partnerships. For instance, the project’s integration with Telegram, a messaging platform with over 900 million users.
Moreover, Pantera Capital’s investment in The Open Network earlier in May 2024 further bolstered market confidence in the project. Introducing Tether (USDT) stablecoins on the TON blockchain and Telegram’s potential Initial Public Offering (IPO) also generated increased interest in the project.
TON price rose 63% to a monthly high near $7.5 on May 13 from May 1’s low of $4.6 before the token started consolidating. However, Toncoin has some bullish cues up its sleeve that could help the token register more gains in June.
Strategic Whale Accumulation Could Be A Bullish Cue
A recent report by CryptoQuant highlighted increased interest from major market players in Toncoin. The number of addresses holding between 100,000 and 1 million TON tokens steadily increased. The growth signifies robust interest from major market players, indicating a strategic accumulation.
Furthermore, these whale addresses continuously amass more Toncoin tokens, indicating the largest wallet addresses likely hold a bullish outlook for TON.
Moreover, whale accumulation could become a bullish cue for Toncoin, as retail investors would view the accumulation as a sign of the major players’ belief in the project. Additionally, whale transactions often impact general market sentiment due to their sheer size.
Hence, increasing whale accumulation signals a positive outlook for TON’s future. As key investors increase their positions, overall confidence in the TON ecosystem is bolstered, encouraging other investors to follow suit.
The resulting ripple effect can lead to greater market stability and a more robust value proposition for TON in the long run.
Bullish Technicals For Toncoin
Meanwhile, TON price has formed a bullish technical setup called the ‘ascending triangle.‘
Historically, a horizontal trendline connecting swing highs and an ascending trendline connecting swing lows form an ascending triangle pattern. Moreover, the volume helps determine whether a breakout is strong. Under ideal conditions, buyers would enter the market as the trendlines close the gap.
As a result, the token’s price would push above the horizontal resistance with heavy volumes.
Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. If the bullish pattern pans out, the theoretical price target for Toncoin is near $9.4, a spike of 47% from current levels.
