Toncoin (TON) Records Mild Surge, but There’s Catch

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It seems that Toncoin (TON) has paused its significant drop over the past 30 days. The coin exhibited a slight increase as it endeavored to overcome crucial resistance points. After holding steady at around $5 for some time, TON has successfully surpassed the $5.25 resistance level.

Toncoin challenge is sustainability

Based on information from CoinMarketCap, the current price of TON is at around $5.39, which marks a 2.33% increase over the past 24 hours. Yet, this modest growth has not significantly bolstered investor confidence, as trading volume saw a minor decrease of 1.21%, amounting to approximately $196.97 million.

In June 2024, TON reached a record high price of $8.24, and since then, it has been attempting to revisit those price heights. The nearest attempt was made in December when it peaked at $6.8, aligning with the overall positive trends observed in the crypto market.

Experts believe that for TON to continue its upward trend amidst the current price dip, it’s crucial that the community rallies behind it. They emphasize that a significant increase in TON’s trading volume is essential to boost investor interest and solidify demand overall.

Nevertheless, the overall trends in the cryptocurrency market pose challenges. Essentially, Bitcoin, the major player in this digital realm, is likewise witnessing a decline in value due to investor hesitancy. If Bitcoin recovers, it could potentially ignite a surge in other altcoins like TON as well.

Whale activity bolsters TON

Significantly, even amidst the fluctuation that TON has seen since roughly the second week of December, large investors (whales) have been instrumental in sustaining the ecosystem.

In my recent analysis, I observed a striking 80% surge in significant transactions taking place in December last year. On the second-to-last day of 2024, this escalation amounted to an impressive $8.75 billion.

The progression suggested that large TON holders were either buying more or significantly shifting their resources.

Lately, there’s been a surge in whale activity regarding the TON cryptocurrency, with approximately 1.55 billion TON worth around $8.86 billion exchanged. Experts suggest that these large transactions by whales have fortified the TON coin, preventing it from dropping below its $5 support level, which was observed in late December.

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2025-01-11 16:23