Toncoin (TON) has been gaining significant attention recently as its on-chain metrics suggest a possible breakout ahead. As of the latest data, Toncoin is approaching a critical trendline resistance level after rallying by 10% from its previous price of $6.02. The growing market sentiment surrounding TON indicates that it may be gearing up for a major move, with key indicators showing promising signs of a bullish trend.

Whale Activity Soars

One of the standout factors contributing to the growing optimism around Toncoin is the increase in whale activity. According to data from IntoTheBlock, large transactions in TON have surged by 110% in the past 24 hours. This significant spike in whale transactions typically signals strong market confidence, as large investors tend to make moves when they foresee potential gains. The uptick in whale activity suggests that major players are positioning themselves for Toncoin’s next big move, which could break through the critical resistance and push prices higher.

Surge in Active Addresses

Alongside the surge in whale transactions, there has also been a 14% increase in the number of active addresses holding Toncoin. Active addresses are often considered an indicator of growing interest and participation in the network. This increase points to an expanding user base, which could support the bullish momentum if the trend continues. As more investors engage with Toncoin, the demand for the asset could help propel its price to new highs.

Profitability and Market Sentiment

Currently, around 72% of all Toncoin addresses are in profit, which further highlights the positive sentiment in the market. This profitability ratio indicates that most holders are experiencing gains at current price levels, and with such a high percentage of addresses in profit, there’s a strong market sentiment behind TON. While this generally supports bullish trends, it also carries some risk. If the price begins to pull back, there may be selling pressure as investors look to lock in profits. However, this could also present buying opportunities for those looking to enter at lower prices.

Key Trendline Resistance

From a technical perspective, Toncoin’s price is approaching a key descending trendline resistance level on the daily charts. This level has historically been a point of reversal for the price, making it a critical decision point for TON. If the price successfully breaks above this resistance, it could trigger a strong bullish move, with analysts predicting a potential target around the $7 zone.

On the other hand, failure to break through this trendline could lead to a retracement, with the $6.02 level acting as the first support. Traders will be closely watching for a confirmation of the breakout or a potential pullback, as this will help determine the next direction for Toncoin’s price action.

What’s Next for Toncoin?

With whale activity on the rise, an increasing number of active addresses, and a market sentiment leaning towards the positive, Toncoin’s chances of a breakout appear promising. However, the key resistance level must be overcome to maintain the bullish momentum. If the trendline is broken and TON continues to rise, it could open the door to further gains, potentially pushing Toncoin to its next price target.

Toncoin is definitely a cryptocurrency to watch, as its market indicators suggest it could be on the cusp of a major move. Traders and investors should closely monitor the price action around the resistance level and stay alert to any signs of a breakout or pullback.