Toncoin Price Eyes 90% As Whale Activity Signals Major Market Shift

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As a seasoned analyst with over two decades of experience navigating the cryptocurrency market, I find myself intrigued by the recent developments surrounding Toncoin (TON). The whale activity suggests increasing interest from high-volume investors, which is a positive sign but must be tempered with caution due to the prevailing bearish sentiment and market volatility.

Toncoin‘s (TON) price, an altcoin built on the Telegram platform, has experienced significant price swings recently, marked by surges in bullish momentum followed by corrective declines. Although there are indications of a possible rally, the overall negative sentiment seems to be slowing down the pace. At this critical juncture, recent trends suggest an increase in whale activity, with big-time investors showing interest in potential returns as high as 90%.

Whales Accumulate as Toncoin Price Stabilizes

There’s been a substantial increase in whale involvement with Toncoin over the last seven days, culminating in a strong surge on October 22. On this particular day, it appears that whales collectively received approximately 15.3 million Toncoin tokens.

A surge in significant trades indicates a growing appetite among heavy investment players in the market, notwithstanding its general instability. However, this rise has been somewhat restrained by pessimistic views and temporary selling off, which have influenced Toncoin’s price fluctuations.

Over the past week, there’s been a substantial increase in the amount of cryptocurrency being held by big investors, or “whales,” with the inflow surging by 131%. Despite this heightened involvement from major investors, the current market conditions are keeping the price in check due to broader challenges within the market.

Will TON Price Rebound After Recent Price Decline?

On June 15, the value peaked at a record-breaking $8.25. Yet, it’s important to note that this peak represents a 38% decrease from its current value. This upward movement, however, is indicative of a broader corrective phase, suggesting possible additional drops in the future.

At the moment, the price of TON is trading at approximately $5.09. This represents a 3% decline in value over the past day and a 10% decrease during the last seven days. The market remains unpredictable with TON experiencing ongoing downward trends.

Currently, Toncoin’s price is encountering resistance at around $6 and struggling to pick up speed. However, if the bulls regain strength, there’s a possibility that Toncoin could climb towards $10, marking an approximately 93% increase. Despite the bearish momentum suggested by the Moving Average Convergence Divergence (MACD), a break above significant resistance levels might indicate a shift in trend direction.

Today, I witnessed some significant shifts in the crypto market landscape. Bitcoin managed to regain its footing and surpass the $68,000 mark, while Ethereum also saw a slight recovery trading above $2,600. However, other major altcoins have been struggling, with many of them falling short in terms of generating substantial upward momentum.

Despite an uptick in large-investor (whale) activity, the leading altcoin is still experiencing stress. A break above crucial resistance might spark a surge toward $10, yet a pessimistic market mood and volatility are slowing its progress. Investors look for signals suggesting a possible trend change.

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2024-10-25 17:10