Toncoin (TON) Faces Adjustment After Recent Historic Highs

Should the price of Toncoin (TON) close above $7.67, it would be mere inches away from forming a new all-time high. Whales have been driving the surge, adding over $2.5 million worth of TON this week. Given that the RSI is in the overbought territory, a pullback could follow once an ATH is formed. The price of Toncoin (TON) has been noteworthy for its significant gains, placing it among the best-performing assets.

However, despite TON’s impending achievements, it is also nearing a potential downturn after the rise.

As the altcoin approaches breaking past a previous price, Toncoin’s price could set a new all-time high in the coming days.

Whale addresses that have continued to accumulate over the past week have aided this rebound.

Within five days, addresses holding between 10,000 to 100,000 TON increased by over 350,000 TON. This $2.5 million supply is the largest single-week purchase since mid-March.

This indicates that large wallet holders are highly anticipating new highs. However, this also means that once they break through the new high of $7.3, they might begin to sell. The subsequent downturn could lead to a rapid fallback for the altcoin.

Observations from the Relative Strength Index (RSI), a momentum oscillator indicator that measures the speed and change of price movements, have noted a similar sentiment in broader market cues. It is used to identify overbought or oversold conditions in the market.

According to the reading, TON is clearly in the overbought zone, well above the threshold of 70.0. Historically, breaching this area has led to pullbacks as the market cools down.

Nonetheless, the bullish momentum is expected to continue for a day or two before the adjustment begins.

Sentiment: Positive