Usman Salis
Toncoin experiences a 376% surge in whale transactions, signaling increased interest and potential market gains for TON.
Whale Activity Boosts Toncoin by 376%
Toncoin has witnessed a significant recovery, marked by a 376% surge in whale transactions. This substantial increase in activity suggests a potential market surge, underpinned by ongoing on-chain growth.
Over the past 24 hours, whale activity in Toncoin transactions has notably increased. Data shows that 359,000 TON were involved in nine significant transactions, with major players showing heightened interest. This uptick follows a seven-day high of 32 transactions on July 6, 2024, and a low of three transactions on July 7, 2024.
The recent increase in large transactions indicates that whales are capitalizing on current market conditions to buy cheap TON. On July 3, 2024, the total amount of large transactions peaked at 962,000 TON. As of now, Toncoin is trading at approximately $7.28, reflecting a 32% increase, with recent highs of $7.38 and lows of $7.09.
Toncoin Price Analysis and Technical Indicators
Toncoin's price chart shows an upward trend, supported by significant moving averages. The price continues to rise above key support levels at $7.16, with resistance around $8.00. Both the 50 EMA and 200 EMA indicate upward momentum, suggesting room for further gains.
The Relative Strength Index (RSI) remains positive, indicating that Toncoin is not yet overbought. The increasing accumulation of TON by whales reflects their confidence in the asset's potential for future performance. As whale transactions continue to rise, market participants are optimistic about Toncoin's continued growth.
Conclusion
Toncoin's recent surge in whale transactions and steady price increase suggest a promising outlook for the asset. With technical indicators pointing to further gains and significant whale interest, Toncoin is poised for continued positive performance in the cryptocurrency market.
Usman Salis
