After a recent price drop of over 35%, the Toncoin (TON) price is posed for a significant upside rally. The reason for this massive upside momentum is the recent breakout of the consolidation zone near a crucial support level and a descending trendline in the four-hour time frame.

Toncoin Price Momentum

On September 9, 2024, TON experienced a price surge of over 10% in the last 24 hours and is currently trading near the $5.11 level. Meanwhile, its trading volume has skyrocketed by 103% during the same period, indicating higher participation from traders amid ongoing price recovery.

This notable price surge in the last 24 hours has triggered breakouts of crucial price action patterns, including a five-day consolidation zone near the $4.5 level and a descending trendline breakout in the four-hour time frame.

Toncoin Technical Analysis and Upcoming Levels

According to expert technical analysis, Telegram-based Toncoin (TON) appears super bullish. After experiencing the recent breakout of the trendline, it has successfully closed a four-hour candle above the strong resistance level.

Based on the historical price momentum, there is a high possibility that the TON price could rise by 15% to the $6 level soon. 

Bullish On-chain Metrics

Besides technical analysis, the on-chain metrics also reflect a bullish outlook. Coinglass’s TON Long/Short ratio hints bullishness as its value currently stands near 1.082 (a ratio above 1 is considered as bullish market sentiment). Additionally, TON’s future open interest has increased by 9% in the last 24 hours and continues to rise, signaling a perfect buying opportunity. 

However, traders often combine long/short ratios and open interest to build their positions. 

Currently, 51.83% of top traders hold TON’s long positions in TON, while 48.17% hold short positions. As of now, the major liquidation levels are near $4.8 on the lower side and $5.17 level on the upper side, as traders are over-leveraged at these levels, according to Coinglass data.

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