Toncoin rises 12% in 24 hours: Key factors behind TON’s rise

• TON has witnessed a significant 12% increase within the last 24 hours.
• Metrics indicated growing bullish momentum as well.

Toncoin [TON] has witnessed a sudden yet impressive 12% rise in the past 24 hours.

This sudden surge has caught the eye of both traders and investors, who were monitoring the altcoin’s level to check for enough bullish strength to overcome the main trend line resistance.

As of this writing, TON was trading near $7.12 with its next key resistance at $7.28, which has historically acted as a roadblock to further upside movements.

Source: TradingView

The Stochastic Relative Strength Index, at press time, indicated an overbought zone. This indicator may suggest a short correction to clear the fair value gaps left by the recent sudden price surges.

Growing market resilience

Digging deeper into on-chain metrics, there is enough evidence suggesting a rising bullish sentiment among TON holders. 

According to IntoTheBlock, data indicated that more large transactions are taking place. This suggested that big players were entering the market.

An accumulation phase often precedes breakouts, because more investors are counting on ongoing upticks.

Source: IntoTheBlock

To add to the aforementioned surge in large transactions, holder data from IntoTheBlock confirmed that 65.12% of all TON addresses were still “in the money,” at press time, which is profitable for many investors.

Source: IntoTheBlock

What the liquidation pool has in store for TON

AMBCrypto’s analysis of the liquidation data also indicated a potential price magnet at the $6.9 level. If this level is breached, 703k worth of TON will be cleared, hence increasing the selling pressure.

This level may act as a price magnet for the TON price, which may undergo a short-term pullback before a bullish continuation.

Source: Coinglass

TON is likely to plummet to $6.9 to clear the liquidity pool for a potential pullback before surging further. However, if the buying pressure is enough, a bullish continuation is likely without the short-term pullback.

Is your portfolio green? Check out the TON Profit Calculator

TDOG plays a part?

The Toncoin blockchain’s latest memecoin endeavor, Ton Dog [TDOG], could have played a vital role in helping TON’s price rise. The latest memecoin, according to the official website,

“Is a strategy designed to create excitement and momentum around $TDOG on the TON chain.”

The description further went on to state,

“Backed by a powerful team, this approach ensures that $TDOG remains at the forefront of the crypto meme coin space.”

At press time, TDOG was trading at $0.0003168 per the TDOG/TON pair, down 4.78% in the last 24 hours, according to CoinMarketCap.