Toncoin, 6x Long Bet Explodes...Breaks Resistance, Targets $2

▲ Toncoin (TON)

Toncoin (TON) is attracting market attention by showing a strong breakout trend, escaping months of downward pressure.

U.Today reported on May 5 (local time) that Toncoin broke through key resistance levels with two recent strong upward movements. The price rose above short-term and medium-term moving averages, and trading volume also increased. U.Today assessed that this trend indicates the possibility of actual buying interest rather than simple short-term speculation.

Bullish bets were also detected in the derivatives market. A recently created wallet, 0xbcda, opened a 6x leveraged long position worth 768,058 TON on Hyperliquid. The value of this position is estimated at approximately $1.31 million, with a liquidation price set at $1.4213. U.Today analyzed that the size and leverage level suggest an intentional position betting on continued upside rather than an accidental entry.

On the chart, Toncoin appears to have formed a bottom for a considerable period in the $1.20 to $1.50 range. Multiple attempts to break below this level failed, and this range functioned as an accumulation zone. The recent breakout above this range and the upward breakthrough of key moving averages are interpreted as signals that the short-term structure has changed.

However, momentum indicators also suggest the possibility of overheating. The Relative Strength Index (RSI) is in a high zone, indicating a strong current uptrend, but at the same time, the burden of short-term overheating is also increasing. For the uptrend to continue, above-average trading volume must be maintained, and the area around $1.50, which was a past resistance level, must be held as support.

U.Today predicts that if Toncoin maintains above $1.50, the bullish structure will be preserved, and further upside targets up to the $1.80 to $2.00 range could open. Conversely, if it falls back below this range, the current breakout structure will weaken, and there is a greater possibility of returning to a sideways trading range.

While large-scale leveraged long positions can act as a bullish signal during an ascent, they can also be a variable that accelerates a decline by triggering cascading liquidations if the price approaches the liquidation zone. Toncoin has now entered a phase where strong buying pressure and overheating concerns are simultaneously present, and whether it maintains support at $1.50 has emerged as a key criterion for determining its next direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*