Toncoin (TON) Shows Signs of Potential Rebound Amid Heavy Short Positions
Toncoin (TON) is showing signs of a potential rebound, with traders exhibiting a strong bullish bias and heavy short positions building up. Open interest and daily futures volume indicate steady participation, while recent price movements suggest a symmetrical triangle pattern on the 4-hour chart.
Over the past seven days, TON has traded between $2.50 and $3.40, with heavy liquidation zones near $2.70 to $3.00. A confirmed breakdown below $2.60 could extend losses toward $2.3650, while a breakout above $2.78 may push it to $3.2050. Liquidation maps reveal nearly $1 billion in accumulated short liquidations clustered between $3.50 and $4.00. Short liquidations during this period surpassed $150 million, while long liquidations remained under $60 million. Despite a year-to-date drop of over 50%, from $4.20 to $2.60, long/short ratios show a strong bullish bias among traders on Binance and OKX. If momentum shifts, the current setup favours bulls and increases the likelihood of a sharp short squeeze.
Toncoin's recent price action and trading dynamics suggest a potential rebound, with bullish traders and heavy short positions setting the stage for a possible short squeeze. However, a breakdown below $2.60 could extend losses, and traders should closely monitor the $2.70 to $3.00 liquidation zones for any signs of a trend reversal.
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