Toncoin (TON), the cryptocurrency linked to Telegram, has experienced a remarkable 34.50% increase in value since the start of the month, reaching $8.33 on June 14. However, despite this bullish trend, several indicators suggest a potential correction in the coming weeks.

Firstly, TON's daily relative strength index (RSI) has reached 67.87, approaching the overbought threshold of 70. Historically, this has led to significant price pullbacks. Additionally, TON is testing a multiweek horizontal trendline resistance, which may result in a downside correction.

The futures market also indicates a potential reversal. While open interest has surged to $239.38 million, the funding rate has turned negative at -0.22% per week, suggesting more shorts than longs in the market. This discrepancy between spot and futures markets warrants caution.

Despite these bearish signals, a technical analysis suggests a potential ascending triangle breakout in July. If TON breaks above its upper trendline, it could rally to $13.30, a 65% increase from current levels.

In conclusion, while Toncoin's recent surge is impressive, a correction in June is likely. However, a potential breakout in July could lead to significant gains. Investors should exercise caution and conduct thorough research before making any investment decisions.