Altcoin that is on the radar of Turkish investors is preparing to make history!

Sometimes a star shines in the crypto world, attracting all attention. Here Toncoin emerges at this point. Trying to write its own story without being overshadowed by Bitcoin, the altcoin gives promising signals in technical analysis. However, we all know that not every signal, not every rise in the crypto world turns into a big explosion. So, is Toncoin really preparing for a big leap, or is this just a temporary excitement? We are examining this at Kriptokoin.com...

Elliott Wave Theory: Order within Chaos

If the crypto world were a novel, the Elliott Wave Theory would be the mathematical basis of this novel. For Toncoin, a popular altcoin, the last few months have been like being tossed in a challenging storm for investors. Seeing the price drop from 8.17 dollars to 4.5 dollars was concerning for many. But here, things are different. This decline was theoretically a planned 'corrective wave.'

Analysts like CryptoBullet say this is the fourth wave. And the exciting part? The fifth wave is on the horizon. If this theory works, Toncoin could rise to $12, maybe even $18. Now the real question is: Are these targets exciting but is Toncoin resilient enough to see these potential peaks?

Whales Are at Work for Popular Altcoin: Moves of Big Players

Big investors, known as 'whales' in the market, usually know where the money is. When we look at Toncoin, we see that whales have entered the scene in the last few weeks. According to on-chain data, these large players hold 29% of Toncoin's supply. Just a few weeks ago, this rate was 23.5%. Now, how should we interpret this rate?

The increasing interest in whales is generally a positive sign. If they see something, us ordinary investors should pay attention as well. Such a large accumulation can alleviate selling pressure and push the market upwards. However, let's not forget that the goal of whales is to make a profit. So, instead of saying 'Come on, it will rise', we should also ask 'When will they sell?'

Technical Analysis: Is Altcoin Ready to Rise?

Now let's get to the technical aspect of the business. The $5.45 level on the daily chart is almost a threshold. If Toncoin manages to stay above this level, the target could be $8.25. What's even better is that it is currently trading above the 50-day moving average. This is a positive signal for short-term growth.

What about Coinglass' data? The Long/Short ratio is at 1.05, indicating investors are on the buy side, which shows an increase in confidence in altcoin projects. However, no matter how strong the bullish expectations are, things can turn around if resistance levels cannot be overcome. A rising excitement can suddenly give way to a cold reality.

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