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Toncoin (TON) Whales’ Fiesta Continues, With 1.72 Million in Volume

Fri, 28/06/2024 – 10:50

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Toncoin’s growth on the cryptocurrency market was remarkable. However, it does not seem to be stopping anywhere near current price values. The on-chain volume, however, shows that large players are stepping down and ready to push TON even further. 

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Toncoin’s market dynamics, as they currently exist, can be better understood thanks to the on-chain data. Over the past week, there has been a significant fluctuation in the number of large transactions, peaking on June 23 with 32 transactions. 

TONUSDT
TON/USDT Chart by TradingView

This volatility points to an increase in the activity and interest of whales, or large investors. These large-scale transactions also had a relatively high volume. On June 27, the volume hit a notable 172 million TON, indicating a notable increase in Toncoin among major holders. 

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This activity, which usually precedes major price movements, suggests that whales are gearing up for a potential rally. Moving averages have allowed Toncoin to grow consistently, as the price chart shows. On the 50-day, 100-day and 200-day moving averages, there is a clear upward trend that indicates continuous bullish momentum. 

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With the price currently circling $7.50, $8.00 represents the next significant resistance level. An additional crucial metric is the Relative Strength Index, or RSI. The neutral 57 mark is where it is at the moment. Given that it is neither overbought nor oversold, it is implied that Toncoin has room to grow.

If the RSI moves closer to the 70 level, the bullish trend might be validated, and a price rally might be encouraged. From a basic standpoint, Ton is leading the way in blockchain technology, now drawing most of the new developers into the emerging ecosystem with the support of one of the largest messaging apps globally. Can TON compete with cryptocurrency behemoths like Solana or Ethereum, though? Only time will tell.

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