Toncoin Jumps 95% in Large Transactions, What’s Next for TON?

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As an analyst with over a decade of experience in the cryptocurrency market, I have seen countless projects rise and fall, but Toncoin (TON) has always intrigued me due to its unique approach and potential. The recent surge in large transactions and whale activity suggests that TON is carving out its own path within the broader recovery of the crypto market.

As a researcher, I’m observing that Toncoin (TON) is navigating its way alongside other cryptocurrencies as they collectively move towards recovery, with Bitcoin (BTC) leading the charge. At this moment, the cumulative crypto market capitalization stands at $2.32 trillion, having surged by 3.56% over the past day. Beyond the visible on-chain recovery, Toncoin is forging its unique trajectory of growth, aided by its influential market players, also known as whales.

Toncoin whales spark new optimism

Based on findings from IntoTheBlock, there was a significant 95.64% increase in large transactions for Toncoin within a day. This surge resulted in a total transaction volume of approximately $8.14 billion. The impact of TON’s ‘whales’ or major investors is evident when considering this high volume contrasted with the typical daily transaction volume of around $165.09 million, as reported by CoinMarketCap.

Despite the renewed positive sentiment in the market, Toncoin saw a significant spike with over 1,950 large transactions valued above $100,000 within a 24-hour period. This equates to around 1.59 billion TON by volume or approximately $8.14 billion in value.

This enhancement has effectively counteracted the unfavorable patterns within the Toncoin system. Although it continues to rank among the leading ten cryptocurrencies, the excitement that propelled it upwards is now absent.

Following the less-than-stellar airdrop event for its flagship project Hamster Kombat, users are eagerly anticipating the next major development on The Open Network. Given the consistent activity of large TON investors, it’s possible that the native coin could receive a significant boost to help maintain its value.

TON price expectation

Since its debut, Tron (TON) has experienced remarkable expansion. At this moment, its value stands at $5.025, marking a decrease of 2.29% over the last day and over 3% during the last week.

Due to recent market downturns, TON’s Relative Strength Index (RSI) currently stands at 37, a level indicating it might be oversold. This suggests that a recovery could be imminent. If this happens, TON may establish a support at around $5, potentially setting the stage for a more substantial increase in the future.

With projections of a next big leap for the protocol, this rebound trend is confirmed.

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2024-10-25 18:40