Market sentiment is also shifting, with TON’s supply on exchanges decreasing from 1.91 million to 1.85 million. This trend suggests reduced selling pressure, possibly as holders move tokens off exchanges for long-term holding or staking. Such a decline in exchange supply often supports upward price momentum.
Technically, TON faces key resistance near $6.3, with further targets at $6.6 and $6.99 if the rally continues. However, challenges remain. The recent formation of a death cross on the Exponential Moving Average (EMA) lines signals bearish sentiment. Still, short-term EMAs hint at a potential reversal if current momentum holds.
If the rally stalls, it could test support at $5.68, before the key level of $5.19. Until then, the RSI for the cryptocurrency is by no means in overbought territory.
Market watchers are quite optimistic, closely watching the sustainability of TON for this rally. A decisive break above $6.3 may open the way for further gains, thus making TON a strong contender for traders and investors this month.
