Toncoin (TON) Breaks Resistance, But Can It Sustain the Rebound?

Toncoin (TON) appears to have taken a break from its massive decline within 30 days. The coin witnessed a mild surge as it attempted to climb key resistance levels.

Toncoin (TON) has paused its steep decline observed over 30 days with a slight surge as it attempts to breach key resistance levels. Having found support at the $5 mark for a period, TON has finally managed to cross the resistance at $5.25.

According to data from CoinMarketCap, TON is trading at $5.39, up by 2.33% over the last 24 hours. However, this minor gain has not attracted investors, as trading volume has dipped slightly by 1.21%, reaching $196.97 million.

After hitting an all-time high (ATH) of $8.24 in June 2024, TON has attempted to regain such price levels. It came closest in December, when it climbed to $6.8 amid broader bullish sentiment in the cryptocurrency market.

Analysts have suggested that TON needs the community's support to sustain its rebound moves during the current price retracement. They emphasize that TON’s market volume needs to increase to indicate strong demand from investors.

However, broader crypto market dynamics present a challenge. In particular, Bitcoin, the leading digital asset, is also experiencing a price decline amid caution from investors. A rally in Bitcoin could trigger other altcoins, such as TON, to rise.

Despite the volatility that TON has faced since around the second week of December, whales have shown support for the ecosystem.

As reported by U.Today, there was an 80% increase in large transactions in December. This spike amounted to $8.75 billion on the penultimate day of 2024.

The development indicated that TON whales were either accumulating or making massive movements of their assets.

In a related development, whales have been observed making large transactions again recently, with 1.55 billion TON transacted, valued at $8.86 billion. Analysts believe that these massive transactions by whales in the TON ecosystem have helped prevent the coin from falling below the $5 support level observed in late December.