Most people attribute $TON ’s rally to the Telegram narrative, but the on-chain and derivatives data actually hinted at the move before it happened.
Before $TON made a 2x move off the bottom, there was a clear setup: * Price was sideways and accumulating on the daily timeframe * Funding rates stayed deeply negative for an extended period This reflects heavy short positioning building up during consolidation. Sooner or later, a catalyst (news) arrives — triggering a short squeeze, wiping out shorts, and creating liquidity for insiders to take profit.
👉 The takeaway: Look for setups where: * Strong sideways accumulation (D timeframe) * Consistently negative funding rates That combo often signals crowded shorts — and sets the stage for a potential explosive move when the trigger comes.
After Bitcoin lost $80.7k (Monday High) as support on the 4hr chart, we quickly saw the move to retest the $79k area as expected. We can see that the 4hr support now is $79.5k (Prev Week High) with each of the last 4 candles testing and holding above this.
I still do not rule out a retest closer to $78.5k, where we have the Weekly Open and significant demand from last weekend's price action. I would expect this before new local highs, but a 4hr reclaim of $80.7k would renew the bullish momentum.