• Toncoin dropped by 24% recently, but analysts project a potential 280% surge in the current bull cycle.
• Key metrics like whale transactions and Open Interest provide insight into Toncoin’s near-term price trajectory.

Toncoin [TON] has been navigating a challenging period following a series of impressive performances earlier this year. The cryptocurrency, which reached an all-time high (ATH) of $8.25 in June, has since seen its price steadily decline. 

At the time of writing, TON was trading at $5.23, reflecting a 36.3% decrease from its ATH and a 24% drop over the past two weeks. This downward trend highlights the volatility in the crypto market, even for assets with a strong track record.

Amid these price movements, market analysts remain optimistic about Toncoin’s potential in the ongoing bull run. For instance, a CryptoQuant analyst, Burak Kesmeci, has highlighted the possibility of a significant upside for TON based on the SMA365 Heatmap metric. 

According to Kesmeci, the current price level of $5.14 marks a “cool zone,” historically associated with local bottoms during bull cycles. This analysis positions TON for potential upward movement as market conditions stabilize.

Price heatmap and Toncoin bullish targets

Kesmeci’s analysis identifies three potential price targets for Toncoin: $8.74, $15.93, and $19.53. These levels are derived from the SMA365 Heatmap, which uses moving averages to project price trends. 

These target levels may rise further during a bull market as prices gain momentum. The analyst suggests that TON could experience a surge of up to 280% in an altcoin-driven bull market.

While these projections are encouraging, they highlight the importance of closely monitoring market dynamics.<

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Author: Samuel Edyme