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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.
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