Toncoin, the cryptocurrency associated with Telegram, has experienced a notable 18% price increase over the past 72 hours, reaching $5.42. This surge comes in the wake of Telegram CEO Pavel Durov’s recent comments addressing his arrest in France, which have reignited interest in the coin. Here’s a closer look at the bullish indicators and what investors should watch for as Toncoin continues to gain momentum.

Significant Surge in Toncoin’s Price

Toncoin’s recent rally follows a period of relative stagnation. The price spike began after Pavel Durov publicly addressed his legal troubles, which seems to have renewed enthusiasm for the cryptocurrency. This bullish momentum has driven the price up by 18% from its previous levels, with Toncoin currently trading at $5.42.

Rapid Growth in Address Numbers

One of the most telling signs of Toncoin’s growing popularity is the sharp increase in the number of addresses holding the coin. In September alone, the total number of Toncoin addresses surged by 64%, rising from 37.13 million to 60.92 million. This is a stark contrast to the 20% increase seen in August.

The rapid expansion of wallet addresses highlights a surge in demand and broader adoption of Toncoin. This trend indicates that more investors are getting involved, which is a positive sign for the coin’s long-term prospects.

Technical Indicators: RSI and Resistance Levels

From a technical perspective, Toncoin is showing promising signs, although some challenges remain. The Relative Strength Index (RSI), a key momentum indicator, is currently positioned just below the neutral level of 50.0. This suggests that while the upward momentum is building, it has not yet fully transitioned into a strong bullish signal.

If the RSI crosses above the 50.0 mark, it would signal a stronger bullish trend. This could further propel Toncoin’s price and support the ongoing rally. However, investors should be prepared for potential short-term slowdowns if the RSI remains in its current range.

Key Resistance Levels to Watch

Toncoin’s price has recently approached a critical resistance level at $5.53. A breakout above this resistance could signal even more substantial gains in the near term. If the price successfully moves above $5.53 and establishes this level as support, Toncoin could target the next resistance level at $5.93.

Beyond $5.93, the $6.00 mark represents a significant psychological barrier for traders. If Toncoin surpasses this level, it would solidify the bullish outlook and potentially drive the price higher.

Potential Risks and Support Levels

Despite the bullish outlook, there are risks to consider. If Toncoin fails to maintain its upward momentum and falls back below the $5.53 resistance level, it may face a consolidation phase. In this scenario, the price could stabilize around the $4.86 support level. A failure to break through the resistance and a subsequent drop below this support could invalidate the current bullish narrative and suggest a possible retracement.

Conclusion: What Lies Ahead for Toncoin?

Toncoin’s recent price surge and the increase in wallet addresses suggest a strong bullish sentiment. The coin is currently testing key resistance levels, and a breakout could lead to further gains. However, investors should be mindful of potential risks and watch for critical support and resistance levels.

As Toncoin continues to capture investor interest, keeping an eye on technical indicators and market trends will be crucial for navigating its price movements. Whether Toncoin can sustain its current rally or face a period of consolidation will depend on how it interacts with these key levels in the coming days.