TLDR
- Toncoin open interest jumped 33% from $143 million to $190 million in 24 hours, reaching highest level since February
- TON broke above descending trendline and is currently retesting the breakout zone at $3.33
- Technical analysis identifies three major price targets at $3.96, $4.65, and $5.16 representing potential gains up to 71%
- Trading volume surged 680% to $1.3 billion, supporting the bullish breakout pattern
- Historical data shows similar open interest spikes have preceded 32% price corrections in the past
Toncoin has captured trader attention as multiple technical and market indicators point to increased activity. The cryptocurrency is trading at $3.33, down 2.34% over the past 24 hours but showing a weekly gain of 5.62%.
Open interest data reveals the most striking development. Futures positions related to TON jumped from $143 million to $190 million in just one day. This represents a 33% increase and marks the highest level since February 2025.
The surge in open interest indicates traders are opening new futures positions. When this metric rises, it typically leads to increased leverage in the market. Higher leverage often results in greater price volatility for the underlying asset.
Data from Glassnode shows this pattern has appeared before. The last time TON open interest formed a similar spike occurred at the end of March and start of April. That event was followed by a price decline of approximately 32%.
Over the past 24h, $TON perpetual futures OI surged +33% from $143M to $190M – its highest level since Feb 18. Interestingly, OI stayed elevated even after the price pullback. Past spikes like this have often preceded corrections – worth watching closely: https://t.co/wXpcaQoKul pic.twitter.com/IwbflHdkwZ
— glassnode (@glassnode) May 29, 2025
Technical Breakout Pattern Emerges
TON recently broke above a descending trendline that had acted as resistance since mid-2024. This technical development suggests a potential trend reversal from the previous bearish pattern.
#TON/USDT DAILY BREAKOUT$TON has broken above the descending trendline with strong momentum — structure favors bulls!
Currently retesting the breakout zone — potential rally ahead! 🚀🎯 Target 1: $3.964
🎯 Target 2: $4.648
🎯 Target 3: $5.166Eyes on volume confirmation —… pic.twitter.com/jZWk4tRvAv
— Rose Premium Signals 🌹 (@VipRoseTr) May 29, 2025
The cryptocurrency is currently retesting the breakout zone. This retesting phase is common after breakouts and often serves as a confirmation signal for continued upward movement.
Technical analysts have identified three key resistance levels ahead. The first target sits at $3.96, representing a potential 31.6% gain from current levels. The second target reaches $4.65, which would mean a 54.4% increase. The highest target extends to $5.16, representing potential gains of 71.6%.
Volume data supports the breakout pattern. Trading volume increased by over 680% to reach approximately $1.3 billion. This surge in volume typically indicates institutional or large-scale buying interest.
Market Structure and Trading Activity
TON maintains a market capitalization of $8.3 billion with 24-hour trading volume of $1.06 billion. These figures demonstrate continued market activity despite recent price fluctuations.
The volume increase aligns with the technical breakout, creating what analysts view as a supportive environment for price advancement. Volume confirmation is considered crucial for validating breakout patterns.
Previous resistance levels are now serving as potential support zones. This role reversal is another technical indicator that traders monitor for signs of trend continuation.
The sustainability of the current pattern depends on TON’s ability to maintain levels above the broken trendline. A failure to hold these levels could invalidate the bullish setup and bring bearish pressure back into play.
Market participants are closely watching the retest phase to determine if TON can launch a sustained rally. The combination of increased open interest and technical breakout creates a setup that traders are monitoring for potential opportunities.
TON’s current trading volume of $1.06 billion and open interest level of $190 million represent the highest activity levels seen in several months.
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