Market
Is Toncoin (TON) Price About to Blast-Off?
Toncoin (TON) price has struggled to breach the critical $5.37 barrier throughout the month. Despite several attempts, the cryptocurrency has been unable to maintain momentum above this level.
However, Toncoin appears poised for major volatility, and the market is now anticipating a possible price surge. Investors are keeping a close watch as the coin prepares for what could be a significant shift in its price trajectory.
Toncoin Investors Change Stance
Recent data indicates that Toncoin’s supply is shifting from short-term holders (STH) to mid-term holders (MTH). In the last two weeks, the supply controlled by short-term holders has dropped from 50% to 35%, while mid-term holders have increased their share by 15%, now controlling 61% of all TON.
This change is crucial because short-term holders, typically holding for less than a month, are more likely to sell quickly. In contrast, mid-term holders tend to retain their assets for one to twelve months, which often supports price stability. The growing dominance of mid-term holders is seen as a positive sign for Toncoin’s price.
Read more: What Are Telegram Bot Coins?
Toncoin’s macro momentum also suggests a potential price surge. Technical indicators like the Bollinger Bands are currently forming a squeeze, indicating that the price is consolidating and preparing for increased volatility.
A Bollinger Bands squeeze is often followed by significant price movements, and with the current low trading volume, any major market movement could amplify this effect. If the broader cryptocurrency market trends remain bullish, this squeeze could propel Toncoin’s price upward.
TON Price Prediction: Volatility Ahead
Toncoin is currently trading at $5.19, just shy of the critical $5.37 resistance level. Breaching this barrier is crucial for a potential rally toward $6.00. Investors are watching this key level closely, as surpassing it could signal a bullish run.
The technical and market indicators suggest that a breach of $5.37 is likely, especially as volatility increases and selling pressure remains low. However, simply breaking the resistance is not enough; Toncoin needs to hold $5.37 as a support level to maintain its momentum and prevent a quick reversal.
Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners
If Toncoin fails to sustain its position above $5.37, a drawdown to $4.86 is possible. In this case, the failed breach would result in a retracement, cooling off the current bullish sentiment. Investors should monitor the market closely to gauge whether Toncoin can secure its breakout or fall back to lower levels.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Holds Strong, Aiming for More Upside Moves
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Market
Trump Eyes Bakkt Acquisition as Armstrong Pushes Peirce for SEC
President-elect Donald Trump is discussing pro-crypto personnel appointments with Brian Armstrong, CEO of Coinbase. His social media firm, Trump Media, is also in talks to purchase Bakkt, a crypto exchange.
Bakkt’s stock price shot up dramatically since these talks, and Armstrong previously recommended that Trump appoint “Crypto Mom” Hester Peirce as the new SEC Chair.
Trump, Bakkt, and Armstrong
Trump Media, the President-elect’s social media and technology company, is currently in talks to purchase Bakkt, a crypto exchange. Bakkt’s prominence in the industry peaked years ago, and was subsequently described as a “marginal player in the space.” Earlier this year, it publicly considered sale or breakup options. Since this offer, however, its stock price has soared.
Although Donald Trump has been pursuing a comprehensive set of pro-crypto changes to US institutions, these actions fall under his political career. As a businessman and private citizen, his interest hasn’t extended to crypto investments since the lackluster presale of World Liberty Financial (WLFI). A Bakkt purchase could bring Trump fresh skin in the game.
However, the world of crypto exchanges is touching his policy outlook at the same time. Specifically, Coinbase CEO and Founder Brian Armstrong is also meeting with the President-elect today. Armstrong and Trump are reportedly discussing personnel appointments for the upcoming administration.
A clear industry insider, Armstrong has a vested interest in friendly policy outcomes for crypto. Throughout the election cycle, Coinbase spent tens of millions boosting pro-crypto candidates at multiple levels. Since Trump’s victory, Armstrong has made several supportive comments, praising Elon Musk’s D.O.G.E. and suggesting a new post-Gensler SEC Chair:
“Hester Peirce would be the best choice. Smart, fair, professional. Can work with both sides,” Armstrong claimed.
“Crypto Mom” Hester Peirce is one of the five sitting SEC Commissioners, and one of two appointed by Trump. Gensler’s impending ouster has sparked a flurry of prediction market speculation about who will succeed him. If Armstrong has not changed his opinion since originally recommending her, these talks could substantially increase Peirce’s chances.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Solana (SOL) Could Soon Rally Past $250—Are Bulls in Control?
Solana started a fresh increase above the $220 zone. SOL price is consolidating gains and might aim for an upside break above the $250 resistance.
- SOL price started a fresh increase after it settled above the $200 level against the US Dollar.
- The price is now trading above $225 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $237 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $250 zone.
Solana Price Eyes More Upsides
Solana price formed a support base and started a fresh increase above the $220 level beating Bitcoin and Ethereum. There was a strong move above the $225 and $240 resistance levels.
The price even cleared the $245 level. A high was formed at $248 and the price is now consolidating gains. There was a move below the $245 and $242 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $212 swing low to the $248 high.
Solana is now trading above $230 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $237 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $245 level. The next major resistance is near the $248 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $282 level.
Are Dips Supported in SOL?
If SOL fails to rise above the $245 resistance, it could continue to move down. Initial support on the downside is near the $237 level and the trend line. The first major support is near the $230 level or the 50% Fib retracement level of the upward move from the $212 swing low to the $248 high.
A break below the $230 level might send the price toward the $220 zone. If there is a close below the $220 support, the price could decline toward the $212 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $237 and $230.
Major Resistance Levels – $245 and $250.
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