The cryptocurrency market has been on a roll, with a notable 1.89% increase in recent days. Amidst this upward trend, Toncoin (TON) has stolen the spotlight with a staggering 10% rise in just 24 hours and an impressive 25% surge over the past week. Technical indicators like the Relative Strength Index (RSI) point to a strong buying pressure, hinting at a continued upward trajectory.

Toncoin's Price Soars to New Heights

TON's recent price surge was particularly remarkable as it broke free from a long-standing resistance level, which had confined trading between $2.00 and $2.77 for over six months. This breakout signaled a renewed upward momentum, propelling TON's price to unprecedented heights.

On April 11, TON reached an all-time high of $7.65, marking a remarkable 270.16% increase. Although this was followed by a correction of 39.86%, reducing the price to $4.60, the altcoin regained momentum after Pantera Capital's investment announcement and continues its upward climb.

What's Next for Toncoin?

Technical indicators like the RSI suggest a significant increase in buying pressure, particularly on a daily timeframe. An average upward curve is evident, indicating a positive short-term outlook for TON's price. If TON's price holds above the $6.35 support level, it is likely to test the $7.25 resistance level with the support of the bulls.

A successful breakout could propel the altcoin towards the upper resistance level of $8 next week. However, if the upward trend reverses, TON could lose momentum and test the $6.35 support level by the weekend, potentially falling towards the lower support level of $5.50 if it fails to regain traction.