Toncoin Likely to Remain Below $6 Until the End of October – Here’s Why

Toncoin (TON) has faced significant volatility in recent weeks, struggling to establish $5.96 as a support level. The price of this Telegram-linked cryptocurrency has since corrected, trading below critical support zones, raising concerns among investors about its ability to regain bullish momentum and break above $6 by the end of October.

Toncoin Faces Increased Selling Pressure

The Ichimoku Cloud indicator is currently signaling considerable bearish sentiment for Toncoin. The cloud's position above the candlesticks is generally viewed as a negative signal for price action, suggesting that bearish momentum could persist for TON. This bearish outlook projected by the Ichimoku Cloud may limit any potential recovery for Toncoin, indicating that significant gains are unlikely through the end of October.

In light of the prevailing market sentiment, Toncoin appears to be in an uphill battle. If the bearish signals from the Ichimoku Cloud prove accurate, TON could remain under pressure until more favorable market conditions arise, further delaying attempts to reclaim higher price levels.

The situation is particularly concerning when examining the behavior of large wallet holders. Toncoin whales—those who hold at least 0.1% of the circulating supply—have sold approximately 21.8 million TON in the last 24 hours. This selling spree, worth around $115 million, represents the largest outflow seen in nearly six weeks, highlighting growing unease among major investors.

Such significant outflows often indicate uncertainty among large investors regarding the coin’s short-term prospects. If this trend continues, it could weigh heavily on Toncoin’s price, complicating efforts to regain support levels and resume an upward trajectory.

TON Price Prediction: Seeking Support

Currently, Toncoin is trading at $5.29, below the essential support level of $5.37, after experiencing an 11.5% decline over the past week. If selling pressure persists, TON could drop further, potentially reaching $4.86. This would extend recent losses and exacerbate the coin's negative outlook.

The price range between $5.37 and $4.86 has previously acted as a consolidation zone, suggesting that Toncoin might enter another period of stagnation. If consolidation occurs, it could prolong investor losses and delay any potential recovery.

To counteract this bearish sentiment, Toncoin must reclaim $5.37 as support. Achieving this level could provide the necessary momentum for the cryptocurrency to make another attempt at $5.96, moving it closer to the $6.00 target.