Potential buy signal revealed, TON price is about to hit a new high!

Toncoin price surged significantly and outperformed the broader market on the occasion of Binance Launchpool’s debut and Telegram’s 11th anniversary.
Toncoin outperformed the overall cryptocurrency market decline on Wednesday, rising 4.26% to $6.73. While most major altcoins fell as Bitcoin fluctuated around $60,000, TON's price held up. The sudden inflow of funds may be related to Telegram's 11th anniversary celebration and Binance exchange adding TON to its launch pool platform.
Toncoin price surges after Binance Launchpool debutThe TON blockchain, which is closely associated with the messaging app Telegram, experienced a surge in on-chain activity on Wednesday, and its native cryptocurrency also saw a surge. The bullish momentum can be attributed to the cryptocurrency exchange Binance, which included TON on its Launchpool platform. Starting August 15, 2024, users can stake BNB and FDUSD to earn TON tokens on the platform.
Additionally, a recent tweet from Toncoin shared its recent growth on Telegram’s 11th anniversary. The post emphasized that the recent rise in Toncoin’s price was driven by the expansion of its mini-app ecosystem and the excitement generated by the latest announcement from DOGS (realDogsHouse) today.
Data from Intotheblock shows that the network has seen a significant increase in activity on its key chain since the end of last week. The number of new addresses surged from 224.72k to 439k, a 95% increase, while active addresses jumped from 775.6K to 1.13M, a 45% increase.
This surge indicates growing interest and engagement within the network, which means strong expansion in user adoption and likely increased market activity.
Toncoin investors may benefitToncoin’s price has increased by 4.26% over the past day, continuing last week’s gains. This continued rise has triggered a buy signal due to the DAA (Daily Active Addresses) divergence.
Both price and engagement are trending upward. This divergence suggests that increased user activity is supporting higher prices, which is a potentially strong bullish signal for investors.
In addition to the DAA divergence, Toncoin adoption is also experiencing a significant resurgence. Adoption rates have rebounded to an average of 28%, reflecting the project is gaining traction and attracting more users. Increased adoption is likely to further strengthen the asset's market position and long-term potential.
Since both indicators point to growth, they suggest that the current upward momentum is likely to continue. This makes Toncoin an attractive option for investors seeking potential gains.
TON price decisively breaks out from reversal patternToncoin price analysis shows that the daily chart is showing an inverted head and shoulders pattern. This chart pattern consists of three troughs: the middle trough (head) is the deepest, flanked by two shallow troughs (shoulders). In theory, this pattern indicates a shift in market sentiment from bearish to bullish.
With the recent price increase, TON may break through the $7.07 resistance level driven by potential buying pressure, which will allow the price of Toncoin to reach an all-time high of $8.28. If this resistance level is broken, the altcoin may eventually set a new ATH.
The current weakening of bearish momentum is exacerbated by a decline in the Average Directional Index (ADX) indicator.
However, if the $7.07 resistance holds, TON could lose its bullish momentum. As a result, the altcoin could fall back to $6.50. Losing this support would invalidate the bullish thesis, dropping the altcoin to $6.04.
In simple termsTelegram’s 11th anniversary and a surge in whale activity have sent Toncoin soaring, with TON up 4.26% at the time of writing. Meanwhile, a bullish breakout of the inverted head and shoulders pattern suggests a subsequent breakout to $9. A reversal below the 50-day EMA slope would invalidate the bullish argument and push for a pullback to $5. In summary, with the emergence of positive news supporting the bullish outlook in the short term, in the long term, with a significant increase in activity and an increase in adoption, TON’s price will rise, allowing the upward momentum to continue, while investors should also note that the current market volatility may have some impact on its upward momentum in the short term.