Toncoin Nears $1.705 Resistance as Derivatives Show Bullish Bias
Toncoin (TON) has extended gains since its Coinbase listing and is approaching a key resistance at $1.705. Technical indicators signal short-term caution: the Stochastic RSI is overbought and a daily-chart price imbalance near $1.57 could attract a corrective pullback to fill the gap. Derivatives data remain supportive of buyers — open interest rose about 7.27% to $103 million and the long/short ratio stands near 2.98 (longs roughly three times shorts) per Coinalyze. Network fundamentals, including The Open Network and Telegram integrations, provide adoption tailwinds. Traders should watch $1.705 for a decisive breakout that could trigger a sustained uptrend; failure to breach it may lead to choppy action and a pullback toward the $1.57 imbalance area. Monitor open interest and the long/short ratio as conviction indicators. Primary keywords: Toncoin, TON price, $1.705 resistance, open interest. Secondary keywords: Stochastic RSI, long/short ratio, Coinalyze, Coinbase listing.
Bullish
The combined information points to a bullish bias for TON. Derivatives metrics — a 7.27% rise in open interest to $103M and a long/short ratio near 2.98 — indicate growing speculative buyer conviction, which historically supports upward price continuation. Network fundamentals (The Open Network and Telegram integrations) add medium-to-long-term adoption support. However, technicals introduce short-term risk: the Stochastic RSI is overbought and a daily imbalance near $1.57 creates a logical target for profit-taking or corrective fills if momentum wanes. In the short term, traders should expect either a breakout above $1.705 that validates the bullish thesis and attracts further buying, or a rejection that leads to choppy action and a pullback toward $1.57 to rebalance order flow. Monitoring open interest and the long/short ratio will help gauge whether buyer conviction is increasing (supporting a breakout) or fading (increasing the likelihood of a correction). Overall, on balance the signals favor continued upside for TON unless derivatives conviction declines or price decisively rejects the $1.705 zone.