CryptoQuant Spotlights Solana, Toncoin as Rally Picks Post BTC, BNB Surge

• Toncoin shows strong support at $6.30, with potential for a bounce.
• Solana’s $222 support holds, but a break could lead to further downside.
• Increased trading volume for SOL and TON signals active buyer interest.

Bitcoin’s ATH has sparked debate on the next breakout cryptocurrencies. Binance Coin (BNB) joined the rally, adding to the bullish narrative. But now CryptoQuant has spotlighted Solana (SOL) and Toncoin (TON) as top picks, with both nearing ATH levels.

They remain close to their previous peaks despite recent price fluctuations, suggesting a breakout to all-time highs could be imminent. Solana, for instance, is only 8% below its ATH, while Toncoin is 15% off its peak.

Are TON and SOL the Next to Hit All-Time Highs, Following BTC & BNB?

“Among other contenders, Solana (SOL) is a standout, sitting just 8% below its ATH, while Toncoin (TON) follows closely at 15% below its peak.” – By @JA_Maartun

Read more https://t.co/8n28975xN8 pic.twitter.com/1uGICVYVb8

— CryptoQuant.com (@cryptoquant_com)
December 9, 2024

Toncoin’s Current Price Action and Key Levels

At press time, Toncoin (TON) is priced at $6.42, reflecting a 4.78% decline over the last 24 hours. However, the coin has seen an uptick in trading volume, with $371.06 million traded in the last 24 hours, marking a 48.43% increase. This rise in trading volume hints at potential buying interest, particularly near key support levels.

Source: Coinmarketcap

In terms of price levels, Toncoin’s immediate support lies at $6.30, a point the price has approached but not broken significantly. If this support fails to hold, a stronger zone could emerge around $6.00, which is a psychologically important level.

On the upside, resistance is found at $6.70, where the price previously struggled to stay above. Further resistance lies at $6.85, which marks a recent high. Therefore, while the short-term trend may be bearish, the price could bounce back if buyers step in around the support zones.

Solana’s Price Trend and Market Activity

Solana (SOL), another top contender for new all-time highs, is currently trading at $223.53, experiencing a 5.60% drop in the last 24 hours. Similar to Toncoin, Solana has witnessed significant trading activity, with a 36.85% increase in 24-hour trading volume, totaling $4.98 billion. Despite the price decline, this surge in volume suggests that the market is far from indifferent, with strong buyer interest potentially supporting the price.

Source: Coinmarketcap

Read also: Decoding Legacy Coins: Why BTC, ETH, SOL, ARB, OP Still Matter

Solana’s immediate support is at $222, which has acted as a stabilizing point in recent price action. If this level is broken, the next support is likely around $215, based on previous price consolidations. 

On the resistance side, $230 is the first key level to watch, with the coin facing selling pressure at this point. A higher resistance exists at $236.78, marking the day’s high before the price started its pullback.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.