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<p>Amid the ongoing market reversal, Telegram-linked Toncoin (TON) has experienced a breakout from a long consolidation zone, with on-chain metrics now flashing a buy signal. Prior to this rally, TON had been consolidating between $5.38 and $5.80, near the $5.75 resistance level for the past two weeks.</p>  
<h2 class="wp-block-heading" id="h-ton-price-momentum-nbsp"><strong>TON Price Momentum&nbsp;</strong></h2>  
<p>However, today’s impressive rally broke out of that zone and shifted the overall <a href="https://coinpedia.org/news/toncoin-price-poised-for-15-rally-traders-interest-skyrockets/" rel="noopener noreferrer nofollow">market sentiment</a>. At press time, TON is trading near the $5.90 level and has experienced a price surge of over 4.5% in the past 24 hours. During the same period, its trading volume increased by 6.5% and has been steadily rising, indicating renewed interest from traders and investors.</p>  
<p>The potential reason behind the price rally is the bullish market sentiment and the upcoming airdrop in October 2024.</p>  
<h2 class="wp-block-heading" id="h-toncoin-technical-analysis-and-upcoming-levels"><strong>Toncoin Technical Analysis and Upcoming Levels</strong></h2>  
<p>According to expert technical analysis, TON appears bullish and is now trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. The 200 EMA is a technical indicator that Traders and investors use to determine whether an asset is in an uptrend or downtrend.&nbsp;</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/26233728/TONUSDT_2024-09-26_23-37-04.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/26233728/TONUSDT_2024-09-26_23-37-04-1024x448.png" alt="" class="wp-image-356137"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>Based on the historical price momentum, following the breakout, there is a strong possibility that TON could soar by 20% to the $7 level in the coming days. However, this bullish thesis will only hold if TON closes its daily candle above the $5.90 level, otherwise, it may fail.</p>  
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics"><strong>Bullish On-Chain Metrics</strong></h2>  
<p>As of now, TON’s bullish outlooks it further supported by on-chain metrics. <a href="https://www.coinglass.com/currencies/TON" target="_blank" rel="noopener noreferrer nofollow">Coinglass’s</a> TON Long/Short ratio currently stands at 1.035, indicating strong bullish market sentiment among traders.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/26233758/kdmcmdcmkdckm.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/26233758/kdmcmdcmkdckm-1024x271.png" alt="" class="wp-image-356138"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Additionally, its future open interest has increased by 5.7% in the last 24 hours, signaling that traders are potentially building more long positions compared to short ones.</p>

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