Toncoin (TON) to Face Correction After Recent All-Time High

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Toncoin’s (TON) price is notable for its considerable gains, placing it among some of the best-performing assets.

However, as close as TON is to noting an achievement, it is also close to observing a decline following the rise.

Toncoin Is Close to Making History

Toncoin’s price could likely form a new all-time high in the coming days as the altcoin is close to breaching the previous one. Aiding this rally are the whale addresses that have been consistently accumulating for the last week.

In five days, addresses holding between 10,000 and 100,000 TON have added more than 350,000 TON. This $2.5 million supply is the largest bout of buying noticed in a week since mid-March.

This shows that the large wallet holders are eminently anticipating a new ATH. However, this also means they might move to sell once the ATH of $7.3 is breached. The consequent decline could pull the altcoin back down quickly.

Toncoin Whale Holding. Source: Santiment

The same sentiment is being observed in the broader market cues as well, observed from the Relative Strength Index (RSI). RSI, a momentum oscillator, measures the speed and change of price movements. It is used to identify overbought or oversold conditions in a market.

Based on this reading, TON is visibly in the overbought region, well above the threshold of 70.0. Historically, a breach into this zone is followed by correction as the market cools down. Although, the bullishness still continues for a day or two before the correction is initiated.

TON Price Prediction: Rising to a New High

Toncoin’s price, trading at $7.3 when writing, is close to breaching the resistance at $7.6. This barrier marks an all-time high for the altcoin, and TON is potentially on track to rewrite this, looking at the aforementioned conditions.

If the uptrend still continues after the breach and TON holders opt against selling, Toncoin’s price could hit $8.

Toncoin Price Analysis. Source: TradingView

But if they move to book profits before TON forms an ATH, the cryptocurrency may not be safe from noting corrections. This would invalidate the bullish thesis. The same could occur should the bullishness saturate the market.

As a result, Toncoin’s price co uld fall back to $7 and further below.