Toncoin (TON) Breaks Bullish Pennant, Targets $8.30 as Market Activity Surges

Toncoin [TON] has finally broken free from its prolonged consolidation, signaling the beginning of a new bullish chapter. Trading at $5.52 with a 3.22% increase at press time, TON appeared poised for a significant upward rally.

Toncoin (TON) price finally broke out of its prolonged consolidation on 21 April, kicking off a new bullish chapter with a 3.22% gain to trade at $5.52 at press time.

This breakout signaled the beginning of a potential significant upward rally.

Crucially, can TON sustain its momentum, breaking past $6.03 and reaching the ambitious target of $8.30?

Breaking out of the bullish pennantToncoin’s recent breakout from its bullish pennant technical pattern was a pivotal move, solidifying its bullish outlook.

This breakout was validated by a successful retest of the pattern’s lower boundary, which provided the springboard for the current rally.

The immediate resistance remained at $6.03, as this level had previously capped TON’s upward movements.

If TON manages to decisively break above $6.03, it could open the doors to higher targets, including $8.30, which aligns with historical price action and key Fibonacci levels.

Conversely, failure to clear $6.03 might lead to a pullback toward the $5.00-$4.50 support zone.

Therefore, traders are closely monitoring TON’s next move.

Technical indicators paint a bullish pictureFibonacci retracement levels showed Toncoin reclaiming the 0.786 level at $5.79, with the 1.618 extension at $7.12 acting as the next key target.

The 2.618 Fibonacci level at $8.72 aligned with bullish projections, further supporting the $8.30 target.

Additionally, the MACD indicator confirmed increasing momentum. Specifically, the MACD line was at 0.079, while the signal line stood at 0.070, creating a bullish crossover.

Furthermore, the histogram has shifted positively, rising to 0.009, indicating strengthening buying pressure. These figures highlight that momentum is building, which could propel prices higher in the near term.

On-chain signals highlight investor confidenceOn-chain data added to the optimistic narrative. While Net Network Growth remained neutral at 0.86%, other metrics showed clear bullishness.

For instance, the In the Money metric indicated 2.64% bullish, signaling that more holders are in profit.

Furthermore, whale concentration and large transactions, up by 0.04% and 5.97%, respectively, reflected growing confidence among high-value investors.

Market activity is surgingLiquidation data underscored Toncoin’s increasing market interest. At press time, $79.91K in shorts and $35.85K in longs have been liquidated.

This suggested heightened trading activity as traders positioned themselves for TON’s next move.