It's been a while since we talked about TON. The editor closely observed the recent price trends of the TON cryptocurrency and noticed the golden cross event on November 6, 2024. This technical signal may indicate further bullish momentum. A golden cross occurs when the short-term moving average crosses above the long-term moving average, traditionally seen as a signal of an impending upward trend. Following this event, the price of TON rapidly increased by 35%, soaring from $4.60 to $6.20 in just 18 days. With increasing volatility and rising trading volume, especially on decentralized exchanges (DEX) like STONfi and DeDust, the editor predicts that the price of TON may continue to rise, with $14 potentially being the next target.
Golden cross stimulates bullish sentiment
A golden cross is typically a strong bullish signal in technical analysis, indicating that market momentum has begun to tilt towards the bulls. For TON, the golden cross triggered a rapid increase of 35%. This intense price fluctuation reflects the market's positive response to this technical signal, while volatility has also started to increase. An increase in volatility usually indicates that market participants expect price fluctuations to intensify, which may pave the way for further increases.
Historically, the surge in volatility that occurs after a golden cross for TON is usually accompanied by a strong upward trend. If this pattern occurs again, the price of TON is likely to continue rising, with the golden cross potentially pushing its price up to $14 or even higher. This would mark an important milestone for TON and could attract more attention from retail and institutional investors.
Surge in trading volume on decentralized exchanges signals bullish trend
Another strong signal for the rise in TON's price is the increase in trading volume on decentralized exchanges (DEX). An analysis conducted by cryptocurrency quantitative analyst Wedson shows a clear positive correlation between the trading volume of the TON token and its price. As trading volume increases, prices generally rise accordingly. This relationship indicates that the increase in user activity on platforms like STONfi and DeDust is not just a short-term fluctuation, but a signal of sustained bullish momentum.
The surge in trading volume of TON on these decentralized exchanges indicates that more and more users are actively trading, and this increase in trading volume is often a precursor to price increases. Trading volume had significantly increased before the price peaked, indicating that market sentiment and demand for TON are rising. At this point, as more users return to these platforms for token swaps, the price of TON may continue to rise.
Increased institutional participation and market liquidity
Another significant factor contributing to TON's recent growth is the increase in institutional participation. In 2024, the trading volume of TON has significantly increased, especially in larger trading ranges (from $10,000 to $100,000 and from $100,000 to $1 million), indicating that TON is attracting not just retail investors but also gaining the attention of institutional investors. For instance, the trading volume in the range of $1,000 to $10,000 grew by 374.57%, while the trading volume from $100,000 to $1 million increased by 201.39%. These figures show that TON is becoming an increasingly popular investment asset, attracting multi-tiered trading activities, further enhancing market liquidity, which also means a greater possibility of price increases.
Particularly with the influx of institutional funds, the liquidity of the TON market has improved, and the market has become more stable, providing support for sustainable price growth. As more institutional funds flow in, the TON market may mature further, driving prices upward.
Considering the current technical formation and the increase in trading volume, TON appears to be poised for further gains. The golden cross has triggered a strong rebound, and with increasing volatility and rising trading volume on decentralized exchanges, the price of TON is likely to continue climbing. If this pattern continues, $14 may become the next major target for TON.
The editor will continue to monitor changes in trading volume and market sentiment. If these factors remain consistent, TON may enter another upward cycle, with $14 becoming a possible target price.