Toncoin Sees $1 Million Whale Transactions, Will TON Price Rise Continue?
Toncoin (TON) price rise has been phenomenal over the past two months, with the altcoin becoming the ninth largest cryptocurrency by market cap, surpassing cryptocurrencies like Cardano. Toncoin is trading at $6.35 as of press time and has a market cap of over $22 billion.
Toncoin Whale Event
According to CryptoQuant, transactions exceeding $1 million dominate Toncoin (TON) on-chain volume. Since Toncoin’s rise in 2024, there has been a marked increase in high-value transactions; this signals increased interest from large investors, or “whales,” and increased network activity among these participants.
Courtesy: CryptoQuant
The increase in the number of these significant transactions significantly contributed to the increase in the price of Toncoin. As a result, TON has emerged as a robust blockchain with significant value transfer capacity and a steady increase in participation from major investors.
The emergence of Telegram’s latest initiative, Stars, caused ripples in the cryptocurrency market and significantly affected the course of Toncoin. Launching on June 12, Stars represents a bold move by Telegram to revolutionize transactions in its ecosystem.
Designed as a digital currency for seamless purchases via bots and gadgets, Stars has captivated the cryptocurrency community, increasing anticipation and speculation. As the news of Stars spread, there was a significant increase in the price of Toncoin, reflecting the positive reaction of the market to this major development. Another important reason behind the increase in Toncoin prices was the increasing popularity of the Telegram gaming community token Notcoin (NOT).
Upcoming TON Price Movement
Toncoin’s price recently attempted to break the $7.0 resistance but failed and fell back over the past ten days. As a result, TON fell below the critical psychological support level of $6.5. A recent broader market rally briefly pushed the altcoin above this support, but it failed to sustain the momentum and fell to $6.2.
This downward trend will likely continue unless there is a change in investor behavior. As a result, Toncoin may refuse to test the $6.0 support level. If this support is lost, the price could decline further to $5.4.
However, if Toncoin’s price remains above the $6.0 support level, it could rise to $6.5. Translating this level into support could enable a recovery, potentially pushing TON to $7 and thus invalidating the bearish view.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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