As an experienced analyst, I have closely monitored the Toncoin (TON) market over the past few months, and the price rally has been nothing short of impressive. With a current trading price of $6.35 and a market cap exceeding $22 billion, TON has surpassed several established cryptocurrencies, including Cardano.
As a researcher studying the cryptocurrency market, I’ve observed an impressive price surge for Toncoin (TON) over the past two months. This altcoin has managed to secure a spot among the top ten largest cryptocurrencies by market capitalization, surpassing Cardano in the process. Currently, Toncoin is trading at $6.35 per token, with its market cap exceeding $22 billion.
Toncoin Whale Activity
Based on data from CryptoQuant, transactions valued over $1 million USD are driving the majority of Toncoin (TON) on-chain transaction volume since its surge in 2024. This trend indicates growing attention from large investors, often referred to as “whales,” and heightened network activity among these influential players.
The substantial increase in transactions on Toncoin has greatly boosted its price. As a result, TON has established itself as a sturdy blockchain with impressive value transfer capabilities and growing interest from prominent investors.
As a researcher studying the cryptocurrency market, I’ve noticed a noteworthy development: Telegram’s upcoming launch of Stars on June 12 is creating waves in the industry and influencing Toncoin’s direction. This new venture signifies a daring initiative by Telegram to transform transactions within their ecosystem.
In simple terms, Stars is a digital currency created for hassle-free transactions between bots and devices, generating excitement and buzz in the cryptocurrency world. The announcement of Stars has led to a significant increase in Toncoin’s value as investors react positively to this significant development. Additionally, Notcoin (NOT), the popular token within the Telegram gaming community, has contributed significantly to the recent price hike of Toncoin.
The TON Price Action Ahead
I’ve noticed that Toncoin’s price had a failed attempt to break through the $7.0 resistance in the past ten days, causing its value to slide below the significant psychological support level of $6.5 for me as a crypto investor. The broader market rally momentarily lifted TON above this support, but it ultimately lacked the strength to maintain the upward trend and dipped down to $6.2 instead.
The pessimistic viewpoint toward Toncoin is expected to continue unless investors exhibit a shift in attitude. Subsequently, Toncoin may drop to challenge the $6.0 mark of support. Should this support fail, the price could descend further to reach $5.4.
If the price of Toncoin stays above the $6.0 mark of support, it may bounce back up to $6.5. This level could then function as a new support, leading to a potential recovery and a possible rise in TON‘s value towards $7. Consequently, this bullish trend might undermine the previous bearish perspective.
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2024-05-25 09:15