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The value of Telegram-linked Toncoin ($TON) dropped after the arrest of the platform’s CEO, Pavel Durov. This dip created a buying opportunity for large holders, or whales, who quickly took advantage by accumulating more $TON.
As the altcoin begins to recover, these whales are now positioned to profit from the rebound, signaling a potential upward trend in the coming days.
Toncoin Whales Make Their Presence Known
Santiment’s data shows a notable increase in $TON whale count over the past few days. According to the on-chain data provider, addresses holding between 10,000 and 1,000,000 $TON have risen by 3% in the last week.
For context, when French authorities arrested Telegram CEO Pavel Durov on August 24, this group of investors offloaded a significant portion of their holdings, causing the whale count to drop to a 30-day low of 131 addresses. This mass selling contributed to a sharp double-digit decline in $TON’s price within 24 hours.
However, as the market stabilizes, these whales have returned, accumulating more $TON. Currently, they control 53.17% of the altcoin’s circulating supply.
In addition to the rise in whale activity, there’s been a decline in selloffs among $TON holders. Santiment reports a 5% drop in $TON tokens held on exchanges since September 4, suggesting that holders are moving their assets to private wallets, indicating a long-term holding strategy.
Read more: 10 Best Altcoin Exchanges In 2024
This reduction in supply on exchanges could lessen selling pressure, potentially driving up $TON’s price if demand remains stable.
$TON Price Prediction: Market Shifts Toward Accumulation
Readings from Toncoin’s moving average convergence/divergence (MACD) indicator on the one-day chart confirm rising demand in recent days. Currently, the MACD line (blue) is positioned to cross above the signal line (orange), a setup that traders often see as a bullish signal. This crossover suggests a shift in market momentum toward upward price movement, potentially signaling a buying opportunity and encouraging traders to exit short positions and take long positions.
If demand for $TON continues to grow, this bullish momentum could push the token toward $5.32, where it would test a critical support level. A successful breakthrough could set the next price target at $5.95.
Read more: 6 Best Toncoin ($TON) Wallets in 2024
However, if profit-taking intensifies, these bullish projections may be invalidated. Increased selling pressure could drive Toncoin’s price down to $4.51.
coinjournal.net
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en.cryptonomist.ch
coindesk.com
