Toncoin and Zcash Explode Simultaneously...Weekend Altcoin Bull Run Begins

▲ Toncoin (TON), Zcash (ZEC)/AI generated image

Toncoin (TON) and Zcash (ZEC) are breaking through key Fibonacci resistance levels one after another, increasing the possibility of further upward movement. Toncoin has exited a multi-month accumulation phase, opening a technical path towards $3.10, while Zcash has surpassed the $533 resistance level, setting $628 as its next target.

According to BeInCrypto on May 8 (local time), Toncoin broke upwards out of a multi-month accumulation phase on May 4. On the day of the breakout, the daily trading volume recorded the largest bullish candle volume on the chart since October last year. Since then, buying volume has expanded every trading day, and the current price is trading at the Fibonacci 0.618 retracement level located at $2.74. This zone was calculated based on the decline from the August 2025 high to the April low of $1.12.

If Toncoin stabilizes above $2.74 on a daily closing basis, the next target zone is presented as the Fibonacci 0.786 retracement level at $3.10. Conversely, if a correction occurs, the first major support level is the Fibonacci 0.382 retracement level around $2.12.

However, short-term overheating signals are also clear. Momentum indicators have risen to around 93, and the Bollinger Band Width Percentile (BBWP) indicator also shows an extreme expansion state. This means that the price is overheated in the short term, but an immediate upward trend is maintained as no bearish divergence has yet formed, according to analysis.

Toncoin's breakout also coincided with new expectations surrounding the network. Telegram founder Pavel Durov presented a roadmap to make Telegram itself the largest TON validator. This concept stimulated expectations for TON network expansion and bolstered the price breakout.

Trader Zach Humphries evaluated this movement as the beginning of a textbook expansion phase. He noted that Toncoin is currently testing the distribution zone at $2.89, and if this resistance level turns into support, it could open the way for a long-term rise to $6. Humphries said, “TON’s expansion phase is playing out exactly as scripted,” adding, “If we flip this resistance into support, the path to $6.00 over the summer is wide open.”

Zcash is also maintaining a strong upward trend. Zcash has maintained an uptrend since rebounding from the Fibonacci 0.236 retracement level at $317 on April 13. Two days ago, it broke through the Fibonacci 0.618 retracement level at $533. This zone also overlapped with the swing high formed on December 29, acting as a significant technical resistance level.

Zcash's next target price is the Fibonacci 0.786 retracement level around $628. On the downside, if buying power loses its dominance, the Fibonacci 0.382 retracement level at $400 is presented as the first meaningful support level. The Visible Range Volume Profile (VRVP) indicated the area around $690 as the last major resistance supply zone, with relatively thin trading volume above that level.

Zcash's momentum has also entered an overheated zone. The 14-day Relative Strength Index recorded 86, deeply entering the overbought zone, and the Bollinger Band Width Percentile indicator also points to extreme volatility expansion. However, the trend of opening up possibilities for further expansion after the price breakout is being maintained.

Institutional interest also contributed to Zcash's breakout. Multicoin Capital disclosed a significant Zcash position at Consensus Miami this week. This, combined with ETF-related expectations and news of a new listing on Robinhood, strengthened buying sentiment.

X (formerly Twitter) analyst TheMoonShow analyzed that Zcash formed a narrow triangular convergence on the hourly chart before breaking upwards above $580. He stated, “ZEC appears to be getting ready for an all-time high,” adding, “It consolidated after the breakout, and now it seems prepared for another expansion move.”

Both Toncoin and Zcash are showing signs of overheating after strong breakouts. However, with Toncoin eyeing $3.10 if it stabilizes at $2.74, and Zcash targeting $628 after breaking $533, short-term market attention is focused on these two assets.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*