Crypto Analyst Ali Martinez Bullish on Toncoin (TON): Predicts 46% Rally

TON Poised for Potential Upside

Crypto analyst Ali Martinez predicts that TON could rally by over 40% to $11. However, technical analysis suggests a potential dip to $7.2 before a subsequent surge.

During the past week, TON emerged as the only top ten crypto asset to post net gains, ranking second only to Uniswap's UNI among the top 100. Despite a broader market downturn, TON's resilience has allowed it to maintain its position within the top ten cryptocurrencies.

In the past seven days, TON has surged over 12%, reaching a weekly high of $8.2246. This represents a 21.5% gain since its weekly low of $6.7704, defying the overall market trend.

The impressive ascent of Toncoin stands out in a week where Bitcoin and Ethereum lost over 3.5%, and Cardano and Dogecoin shed over 5.3%. BNB, Shiba Inu, and NEAR were among the biggest losers, dropping over 10%.

Another analyst supports the bullish outlook, noting the successful breakout of TON's Cup and Handle pattern when it surpassed $7.70 three days ago. This pattern suggests a potential move towards $10.86. However, they recommend targeting the 161.8% Fibonacci level ($9.61) as a profit-taking point.

Indicators such as Total Value Locked (TVL) also indicate growing investor and user interest in TON. TVL recently hit a new high, reaching almost $600 million, driven by platforms such as DeDust.

Overall, while technical analysis suggests a potential dip to $7.2, the bullish sentiment surrounding TON remains strong. Its impressive performance in a challenging market environment has positioned it for potential further upside.