- Positive sentiment around Toncoin surged in the last 24 hours.
- Metrics looked bullish, but a few technical indicators turned bearish.
Toncoin [TON] surprised investors out of the blue with its bullish price action, which helped the token gain in market capitalization. This surge might help TON become a top 10 token soon.
Toncoin outshines the rest
According to CoinMarketCap, TON was up by more than 30% in the last 24 hours. This was higher than any crypto on the top 10 list.
At the time of writing, TRON was trading at $3.64 with a market cap of over $12 billion. The massive rise in price made TON a hot topic of discussion in the crypto space, as its social dominance and positive sentiment spiked sharply.
Source: Santiment
The good news was that the price hike was accompanied by a nearly 300% rise in its volume, meaning that investors have been actively trading the token.
Since the growth rate is impressive, there is a possibility that TON might soon enter the top 10 list, especially if it manages to maintain this momentum. In doing so, TON might have to replace the likes of Dogecoin or Cardano on the charts, with both cryptos ranked 10th and 9th, respectively.
Investors are buying Toncoin
AMBCrypto took a look at Santiment’s data to find out what TON’s metrics had to say while its price rose. We found that buying pressure on the token was high as its exchange outflow increased.
In the meantime, its Supply on Exchanges dropped, while its Supply outside of Exchanges increased in the last 24 hours.
Whale activity around the token also remained high during the last day. A bullish metric was the MVRV ratio, which shot up.
Source: Santiment
Things in the derivatives market also looked pretty optimistic for Toncoin. AMBCrypto’s analysis of Coinglass’s data revealed that TON’s Open Interest went up along with the price at press time.
Whenever the metric rises, it indicates that the chances of the current trend continuing are high.
Moreover, Toncoin’s long/short ratio also moved up. This indicates a growing preference for buying and holding assets, which hints at a bull market.
Source: Hyblock Capital
Will this trend last?
To confirm whether TON could enter the top 10 list, AMBCrypto analyzed Toncoin’s daily chart. As per our analysis, TON’s MACD displayed a clear bullish upper-hand at press time.
How much are 1,10,100 TONs worth today?
Both TON’s Relative Strength Index (RSI) and Money Flow Index (MFI) registered sharp upticks, however, they had entered the overbought zone at press time.
This suggested that selling pressure might increase, which could put an end to TON’s bull rally.
Source: TradingView