Toncoin (TON) price trades in the woods like most crypto assets following the recent pullback. Generally, the network’s skyrocketing growth this year has led to bulls circling in, acquiring assets as on-chain factors flip green. Market commentators have projected price bottoms and peaks alongside this week’s bear trading.
On-chain analysts have hinted at a possible 280% TON price growth within current levels, being a local bottom. The yearly simple moving average (SMA) heatmap shows a price of $5.14, representing a cool zone for a further rebound. The asset has made several gains this year and remains a major driver of another bull swing.
Historically, the TON price has only dropped below this average during the best market, and present levels signify a bottom due to the bull season. In recent months, TON has seen institutional flows as bulls look towards higher gains. This year, the asset is up 146% with expanding volumes and market-moving partnerships.
Last week, Hong Kong’s broker OSL Digital Securities announced support for Toncoin to its OTC offerings. The move opens a channel for professional brokers to trade the asset against USD, USDT, and HKD. According to the statement, this follows the firm’s vision to expand its crypto offerings in the region to create market opportunities.
A Price Jump to $19.53?
The targeted bull scenario might see the TON price soar to $19.53 as institutional investors propel gains. At press time, the asset exchanges hands at $5.41, showing slight signs of recovery after low trading this week. Drawing references from the SMA365 heatmap, TON might see three price levels at different cycle stages. Per the report, the price will tap $8.74 before surging to $15.93 and a further $19.53.
“Analyzing these levels, TON has an initial potential to surge by up to 280% in an altcoin bull market. Additionally, it’s important to note that the price heatmap metric is based on a moving average. This means that during a bull cycle, as prices rise, these target levels are likely to increase correspondingly,” CryptoQuant added.
Most whales are motivated by the wider market positions ahead of next year’s bull peaks. Ethereum and Solana have seen similar projections to new levels based on on-chain and institutional factors. XRP is also expected to move in the same direction alongside meme coins.