The price of Toncoin (TON), the cryptocurrency linked to the popular messaging app Telegram, has been trading on an ascending trend line over the past few weeks. This indicates a steady rise in the demand for the altcoin.
TON whales are increasing their trading activity, seeking to capitalize on the potential for further gains.
Toncoin Receives Whale Attention
Over the past month, on-chain data has revealed an uptick in the daily count of large transactions involving TON. IntoTheBlock’s data shows that the number of TON transactions worth between $1 million and $10 million has risen by 46% during that period.
Likewise, larger TON transactions valued above $10 million have increased by 50%. A rise in an asset’s large transaction count is a bullish signal. It can extend an asset’s price rally once retail investors follow suit and begin to accumulate as well.
Additionally, TON’s large holders’ netflow has surged by 431% in the past week, confirming increased buying pressure from whales.
Large holders, typically investors controlling more than 0.1% of an asset’s circulating supply, are key influencers in price movements. Their netflow measures the difference between the amount of TON they accumulate and the amount they sell over a given period.
Read more: What Are Telegram Bot Coins?
When an asset’s large holder netflow spikes, it indicates that whale addresses are accumulating more tokens. This is generally a bullish signal, suggesting growing demand from significant investors, which can drive further price growth.
TON Price Prediction: Buying Activity is Market-Wide
As of now, TON is trading at $6.60, with technical indicators showing strong buying pressure. The Moving Average Convergence/Divergence (MACD) confirms this bullish momentum. The MACD line (blue) is currently above the signal line (orange) and is close to crossing above the zero line, signaling a potential continuation of the upward trend.
The MACD tracks price trends, direction, and momentum. When the MACD line is above the signal line, it indicates a bullish trend driven by increasing buying activity. A breakout above the zero line reinforces this trend, often prompting traders to go long.
If this buying pressure remains consistent, TON could see a 5% increase, bringing its price to $6.93. Should the rally persist, the next target would be $7.52.
Read more: 6 Best Toncoin (TON) Wallets in 2024
However, if market sentiment shifts from bullish to bearish, the bullish projection above loses validation as TON’s price may plummet to $6.51.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
