During Monday’s U.S. market session, the crypto market witnessed another wave of buying pressure as Bitcoin hit a new high of $85,000.
The buyers continue strengthening their grip over digital assets to drive a high-momentum rally.
Amid the bullish sentiment, crypto analysts bring investors to focus on the Toncoin price as it is poised to end the current correction and enter the fifth wave as per Elliot’s principle.
With the crypto market today, the TON price trades at $5.4 with an intraday gain of 3.09%. Moreover, the asset’s market cap boosts to $13.89 Billion, while the 24-hour trading holds at $608.1 Million.
In a recent tweet, market analyst CryptoBullet highlights a potential uptrend in TON according to Elloit wave theory.
In the last four months, the Toncoin price witnessed a steady correction from $8.17 to $4.5, registering a 44.4% fall.
The $4.5 horizontal level coincides with an ascending trendline, providing the crypto buyers high area of interest to regain bullish momentum.
Amid the U.S. election buzz, the Toncoin price followed the broader market recovery to revert immediately to the $5.4 level.
The renewed recovery now challenges the key downsloping resistance, signaling the buyers’ attempt to escape currency correction.
The analyst highlights this breakout could trigger the Toncoin price transition from the 4th wave correction to a 5th wave.
This wave generally indicates the final phase of the current uptrend, where prices reach new highs fueled by optimism and speculative buying.
If the wave structure plays out as expected, the analysts predict a 122% rally to $12 high, followed by an extended rally to $18.
According to Santiment data, the percentage of total TON supply held by top addresses has surged from 23.5% to 29%.
This indicates increased accumulation by large investors or “whales,” which often reflects growing confidence in the asset’s long-term potential and can signal reduced selling pressure in the market.
Historically, the accumulation of smart money has resulted in a major market reversal and a renewed uptrend.
On the contrary, if the sellers continue to defend the overhead trend, the Toncoin price could witness an accelerated bearish momentum and prolong the prevailing downtrend.
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