Toncoins 24Hour Turnaround Is TON Poised to Join the Rally Race

CoinDesk report:
Toncoin has recovered from the significant decline of the past few days. TON is now in a bullish trend.
Toncoin [TON] has been affected by the broader market downturn, entering a bearish trend. However, there has been a significant change in the past 24 hours, with TON’s price rebounding and becoming one of the biggest daily gainers.
The price recovery is accompanied by an increase in trading volume, indicating a resurgence in market activity.
Analysis of Toncoin on a daily timeframe chart by AMBCrypto highlights significant market fluctuations in recent times.
Toncoin saw a sharp decline on July 4, losing over 9%, with the closing price for the trading day at around $7.1. Shortly after a rapid price increase, the price approached its all-time high (ATH).
The Relative Strength Index (RSI) is a key indicator of market momentum, and due to the price decline, it fell below the neutral 50 level, indicating a bearish trend at the time.
However, the market dynamics of TON have slightly changed since then. At the time of writing, its trading price is around $7.5, with an increase of over 4%. The previous trading day saw an increase of over 1%, pushing the price to around $7.2.
Further analysis of the RSI indicates that it is now slightly above the neutral line. This suggests that TON has entered a bullish market, although this trend is still considered soft.
The moderate recovery of RSI, coupled with the recent price increase, suggests the possibility of stabilization or gradual recovery in Toncoin’s market activity.
Toncoin spot trading volume gaining momentum
Santiment’s analysis of Toncoin’s trading volume shows a significant correlation with its price trend.
On July 5, the trading volume surged to over $750 million, marking the first time in over a month that such a high level was reached. Analysis indicates that this quantity has not been observed at any point in June.
At the time of writing, the trading volume has exceeded $500 million.
Read more: Toncoin (TON) Price Prediction 2024-25
What does the increase in Toncoin volume mean
The current price trajectory suggests that the increase in trading volume is primarily driven by buyers, indicating significant buying pressure.
This influx of buyer activity is the primary force driving the rise in Toncoin’s price. A significant increase in buying interest often signifies enhanced investor confidence.