Telegram-linked cryptocurrency Toncoin has emerged as one of the standout performers in the crypto market over the past two weeks. It has defied the broader market’s sluggish momentum to surge by 14% since July 24.
With the altcoin currently trading near $4, on-chain and technical data point to further upside potential in the short term.
TON’s Price Primed for More Action
According to Coinglass, TON’s liquidation heatmap shows a sizable concentration of liquidity around the $3.77 price zone.
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These heatmaps are visual tools that help traders identify price levels where large clusters of leveraged positions are likely to be liquidated. They highlight areas of high liquidity, with brighter zones representing larger liquidation potential.
For TON, the liquidity cluster around $3.77 shows strong interest from traders looking to buy or close out shorts. That setup could easily spark a fresh price rally soon.
Furthermore, from a technical standpoint, TON’s Relative Strength Index (RSI) remains in a healthy range, indicating there is still room for more growth. At press time, the momentum indicator stands at 67.21.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
TON’s RSI readings indicate market participants are still leaning bullish, with room for more upside before buyers become exhausted.
TON Traders Bet on Upside
Amid ongoing market volatility and repeated attempts to push prices down, TON’s funding rate has remained firmly positive, confirming the bullish bias among its futures traders. At press time, it sits at 0.0061%.
The funding rate is a mechanism used in perpetual futures contracts to keep prices aligned with the spot market. When it’s positive, it means long traders (those betting on price increases) are paying short traders. This signals that the majority of market participants are leaning bullish.
A consistently positive funding rate suggests strong confidence in TON’s upward potential, even in the face of broader market uncertainty.
Buy-Side Pressure Builds—Will It Be Enough to Breach $4?
With on-chain and technical indicators confirming the buy-side pressure, TON appears poised to extend its rally in the short term. The token could breach resistance at $3.68 in this scenario and rally toward $4.02.
On the other hand, if demand falls and the bears regain dominance, they could push the altcoin’s price below $3.49.
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