🌐 Toncoin whale takes a $5 mln bet: Will this help TON flip $3?

Toncoin has been in strong upward momentum, closing at higher highs for four consecutive days and reaching a high of $2.9.

TON rallied mainly driven by major upgrades and the recent shift in management, with Telegram taking over from the Ton Foundation as a validator, as AMBCrypto earlier reported.

Futures volume reached overheating for the first time on the 8th of May. The volume at such levels suggests that too many traders have taken on leveraged positions.

🔸 Toncoin whale takes a $5.3 million bet amid rising leverage

Amid this surge in activity, some whales are aggressively betting for more gains. According to Lookonchain, a whale opened a 3x long on 1.97 million TON, worth $5.39 million.

With the market experiencing increased upside volatility, this whale’s position is already up $23.3k.

Besides this whale, the market has experienced significant demand for futures positions. In fact, Toncoin’s Long Short Ratio rose to 1.46, with 59% of the total in long positions.

When longs dominate the market, it suggests that most traders are bullish and expect prices to rise even further.

As expected, the liquidation rate for both long and short positions skyrocketed.
Total liquidation reached $28.7 million on the 8th of May.

🔸 Can TON flip $3 resistance?

Although Toncoin retraced from $2.90, the altcoin’s upside momentum remains intact, largely driven by strong market demand.

In fact, the altcoins’ Relative Strength Index (RSI) surged to 93, reaching overbought conditions. RSI reaching such levels suggests buyers have taken total control of the market.

Taken together, these two indicators signal the likelihood of further gains on price charts. Thus, if the momentum holds, Toncoin bulls will seek a move above $3.

If the speculation crashes, the market will likely drop again, with $2 acting as critical support.