Will the price of Toncoin be able to continue its upward trend?

TON proved to be the best performing cryptocurrency last week compared to other currencies that failed to make significant gains.

But before the token reaches the bull phase, investors should still prepare for a possible dip.

Promising future of Toncoin

The price of TON is up over 1.7% in a week, currently trading at $7.79 and has a market capitalization of over $18.9 billion, making it the ninth largest cryptocurrency.

The recent surge in prices has fueled optimism about TON and increased mentions on social media platforms, indicating interest in the project.

Toncoin also managed to slip by ETH as for unique addresses transacting in the last ten out of twelve days.

Positive indications

Crypto analyst Ali Martinez tweeted that TON is poised for a bullish breakout that could push the price to $11 in the short term.

However, there is likely to be a small period of consolidation where prices may fall to around $7.2 to build liquidity for the long-awaited rally.

Analyzes and market trends

Looking at Santiment's data, the company found several things, such as strong buying pressure exerted on TON based on increased exchange outflows and more OTC supply.