Toncoin is on its way to a recovery, and the most recent 376% surge in whale transactions is the confirmation of it. There is a high chance of us seeing a substantial surge on the market, on par with the on-chain growth in the background.
Whale activity has been observed in Toncoin transactions over the last 24 hours. The most recent data indicates that 359,000 TON were involved in nine significant transactions. Major players showed increased interest as the seven-day high reached 32 transactions on July 6, 2024.
The recent low, which occurred on July 7, 2024, with three transactions, was followed by this spike in activity. Furthermore, there has been a noticeable rise in the quantity of big transactions. The total amount of large transactions in the last day was 359,000 TON, and on July 3, 2024, it reached a seven-day high of 962,000 TON.
This increase implies that whales are buying cheap TON by taking advantage of current market conditions. Based on a price chart analysis, Toncoin has been trending upward. TON is up two points, or 32%, as of right now, trading at about $7.28. In recent sessions, the price has been erratic, hitting highs of $7.38 and lows of $7.09.
Along with resistance levels at $8.00 and above, the technical indicators also point to support at $7.16. With the price of Toncoin continuing to rise above significant moving averages, the overall trend seems positive. There may be room for more gains as the 50 EMA and 200 EMA are both exhibiting upward momentum.
Additionally, the RSI is in a positive position, indicating that the asset is not yet overbought. The growing amount of TON that whales are accumulating indicates their high level of confidence in the asset’s potential performance.
Read the full article here
