The Toncoin (TON) price has been bullish in the last 24 hours after establishing support at around $6.85. After this support was set, bulls propelled the TON price to an all-time high of $7.78 before facing resistance. At press time, Toncoin (TON) price was exchanging hands at $7.43, a 7.92% surge from the intra-day low. 

This bullish momentum continues the optimism surrounding cryptocurrency, which surged by 14% in the last 7 days and 29% in the previous 30 days. This rally was accompanied by a surge in market capitalization and 24-hour trading volume by 8% and 152.79% to $17,938,597,381 and $573,487,803, respectively. This surge is reflective of the increasing investor interest in the Toncoin market. 

Concurrently, amid this bullish shift, TON has managed to surpass Cardano (ADA) by market capitalization, emerging as the 9th largest crypto in that metric.

Subsequently, TON’s social volume has increased since March due to increased interest and an anticipated price rally among the crypto community. This rise was amplified by a surge in long positions, with traders hoping to reap massive profits from the TON rally. Concurrently, the whale transactions count, as reported by Analytics Insight, suggests that large investors are making substantial bets, which points to increased market confidence in TON prospects.

Moreover, TON active addresses have outperformed Bitcoin (BTC) by over 160% as of mid-May, reflecting investors' bullish stance. Adding to the bullish perspective, TON’s derivatives volume experienced a rally of about 198% to $695.30 million, which is a sign of increased trading activity and interest in the TON market. 

In addition, with the Fear of Missing Out (FOMO) rising among traders, news potions have been on the rise. This trend has prompted an 18% surge in the TONs' open interest (OI), reaching $235.22 million. Moreover, the rise of long/short ratios across various exchanges reflects a bullish sentiment growing. 

TON/USD Technical Analysis

On the TONUSD 4-hour price chart, the Moving Average Convergence Divergence (MACD) trend in the positive region with a rating of 0.2566 suggests that bullish momentum is strong. This trend and the histogram developing higher bars point to a continuation of the bullish rally in the TON market. 

If this trend continues and bulls manage to breach the new all-time high, a rally toward the $8.35 target may follow. However, a bearish turnover with bulls unable to maintain the $7.2 support may set grounds for a correction toward the $6.35 support level.

However, with the Relative Strength Index (RSI) moving south in the overbought region, the bull rally may be exhausted as traders take profit. If the RSI falls below its signal line with this trend, traders may need to set stop-loss orders to prevent losses.