Date: Mon, May 12, 2025 | 11:10 AM GMT

The cryptocurrency market continues to build on its recent strength, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC has crossed the $104,000 mark, while ETH has surged more than 60% over the past 30 days, now trading just above $2,500 — its highest level in several months. This broader bullish momentum is also spilling over into altcoins, including Toncoin (TON).

TON is currently showing impressive monthly gains of over 20%, with its price hovering around $3.51. More importantly, a well-known harmonic pattern forming on its chart suggests that further upside may be on the horizon.

Source: Coinmarketcap

Harmonic Pattern Signals More Upside

On the daily timeframe, TON is forming a Bearish Crab harmonic pattern — a technical setup that helps identify high-probability reversal zones when the final leg, known as CD, completes. Until that point, however, the price typically trends higher with strong momentum.

The pattern began after $TON was rejected at around $4.20 on April 1, which marks point X. From there, the price declined nearly 33%, finding a local bottom at approximately $2.78 on April 12, designated as point A.

Toncoin (TON) Daily Chart/Coinsprobe (Source: Tradingview)

The next move, AB, retraced about 42.8% of the XA leg, confirming the early stages of the pattern. This was followed by a 74.2% retracement during the BC leg, where the price found firm support near $2.93. This zone acted as a catalyst for renewed buying interest, initiating the upward push that forms the CD leg.

The final projected point, D, sits near $5.08. This level corresponds with the 1.618 Fibonacci extension of the XA leg, a key target in Bearish Crab patterns and one that often serves as both a price magnet and resistance level.

What’s Next for TON?

If the harmonic structure continues to unfold as expected, TON could rally toward the $5.08 area. This would represent a potential gain of approximately 44% from the current price around $3.51.

The price is currently supported by the 0.382 Fibonacci retracement level at $3.33, which is reinforcing bullish momentum. Additionally, the $3.90 area — aligned with the 0.786 retracement of the XA move — may serve as an interim resistance level before the price tests the final D point.

Traders should keep a close eye on the $5.08 region. While it represents the potential completion of the harmonic pattern, it could also introduce selling pressure or a pause in the rally. Harmonic targets like this often coincide with profit-taking zones, particularly if the broader market shows signs of slowing.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own research and consult with a financial advisor before making investment decisions.