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Toncoin (TON) saw bulls take over after months of recovery, leading to a significant price surge, reaching an all-time high of $7.78. This isn’t the first time TON has shown such profitable performance at the beginning of March. Will the 
TON price enter a downtrend, or will the bulls push the value even higher?
Upward Momentum in TON
The popular altcoin Toncoin gained good momentum since the beginning of the year, with its price dropping from $2.2 to $7.78 in just six months. With a 3x gain, TON became the most preferred cryptocurrency among investors, surpassing Shiba Inu among the top ten cryptocurrencies. Due to the increasing demand in the crypto community, Toncoin’s price continued to rise. Moreover, the ongoing bullish sentiment in the market certainly helped this rise.
However, crypto analyst Ali stated that whale activity valued over $100,000 increased by 237% on June 3, 2024. The accumulation by whales increased the buying pressure among altcoin investors. Along with Telegram, Notcoin has also added to Toncoin’s popularity. This newly launched meme token on the open network has made significant gains in the past few days. Currently, Notcoin’s price is at $0.0225 after a previous 350% increase.
Expectations for TON
Despite the TON price being 5% away from its ATH, the altcoin’s upward trend is still at its peak. According to technical data, including simple and exponential averages, Toncoin is in a strong buy zone, which could push its value even further. Additionally, the moving average convergence divergence (MACD) and momentum indicators highlighted the same situation. However, the relative strength index is around 68, closer to the overbought zone. If the index rises above 70, a price reversal could occur, pushing the TON price downward. Currently, greed is high among investors, and the TON price could rise to $7.85 in the next few days.
