Toncoin (TON) is down over 24% year-to-date. The altcoin has closed the last three consecutive months in the red as broader crypto market sentiment weakens and investor risk appetite fades.
Despite this, Santiment highlighted that TON’s top 100 wallets have been net buyers throughout the entire drawdown. On-chain data reveals that the wallet addresses collectively added 189,730 tokens over the past three months.
“Even with the #29 ranked coin in crypto losing two thirds of its market cap since its local top in early August, 2025, this heavy accumulation is a promising sign that a relief rally may come quickly once crypto markets finally turn the page from this bear cycle,” the post noted.
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Adding a technical catalyst to the mix, the TON network activated the Catchain 2.0 upgrade this week. The upgrade reduces confirmation times to under 1 second, directly improving the usability of Telegram mini-apps, payments, and high-frequency on-chain activity.
This is step one of TON’s seven-phase “Make TON Great Again” roadmap, with fee reductions planned next.
Thus, the overall picture is cautiously bullish. Heavy whale accumulation and a major protocol upgrade offer positive signals. However, with the broader crypto market still under pressure, a sustained reversal may require macro sentiment to shift first.
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