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The crypto market experienced a roller coaster ride this week. It initially surged with excitement following the US SEC’s approval of the spot ETH ETF, but later faced a correction period driven by Bitcoin. This caused broader market uncertainty with most of the major altcoins including TON witnessing a sideways action. The Toncoin price is currently trading at $6.4 and trying to stabilize above $6 physiological support. Will the correction trend extend or buyers could counterattack at the $6 floor? Also Read: Toncoin Price Forecast Hints a Risk of 25% Fall Amid Emerging Double Top Pattern Whale Activity Boosts Toncoin Network: Impact on Price Trends Toncoin Price| Tradingview On May 11th, the Toncoin coin witnessed a bearish reversal from the $7.5 resistance. This turnaround tumbled the coin price by 20% to hit support at a $6 psychological level. These two reversals within five weeks from the same resistance signal the formation of a bearish pattern called double top. If the pattern holds true, the sellers could lead a 27% downfall only to complete the first part of the setup and challenge neckline support at $4.7.  However, the TON price is currently in a sideways action seeking support at $6.2 amid the market uncertainty. A potential reversal from this support pushed altcoin 4% in the last 48 hours to currently trade at $6.45. Based on the analysis shared by Joao Wedson from CryptoQuant, it’s evident that the TON Network has seen a notable surge in high-value transactions. Throughout 2024, there’s been a dominant trend of transactions exceeding $1 million, which represents a significant portion of the on-chain volume for TON. Surge in High-Value Transactions on #TON Network “Transactions exceeding $1M USD dominate the on-chain volume of $TON.” – By @joao_wedson Read more 👇https://t.co/vc98zfhICU — CryptoQuant.com (@cryptoquant_com) May 24, 2024 This uptick…

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Filed under: News - @ May 26, 2024 10:10 am