- Toncoin (TON) sees a surge in whale activity, with October 22 inflows reaching 15.3 million tokens, indicating robust interest from large investors.
- Despite this, bearish sentiment and short-term sell-offs keep price gains limited, with TON currently trading at $4.92.
- Technically, TON holds above key support, eyeing targets at $6.35 and beyond if it sustains its breakout pattern.
Toncoin (TON) has demonstrated significant price movements marked by sharp bullish spikes and corrective pullbacks. Despite these fluctuations, a bearish undertone has kept its breakout potential in check. However, market data now reveals increased interest from high-volume investors, signaling a potential turning point.
Toncoin Sees Surge in Whale Activity
Recent data from blockchain analytics firm IntoTheBlock highlights a noticeable surge in whale activity. On October 22, Toncoin witnessed a major rally in whale transactions, with net inflows reaching an impressive 15.3 million TON tokens.
This surge underscores a heightened interest among large investors, even as overall market volatility has restrained sustained price momentum. The data reveals that the inflow of whale activity has spiked by 131% over the past week, indicating robust accumulation by major holders, or “whales.”
Yet, despite the influx of capital from large-scale investors, bearish sentiment and short-term sell-offs have tempered Toncoin’s price action. Large holders are increasing their positions, but the coin’s broader market challenges continue to limit upward momentum.
Currently, TON is trading at $4.92, with a 24-hour trading volume of $312.6 million. The token is down 2.43% in the last 24 hours, holding the 10th spot on CoinMarketCap, with a live market cap of approximately $12.5 billion and a circulating supply of over 2.5 billion TON coins.
Toncoin Maintains Key Support; Eyes Targets Above $6
TON is showing signs of a solid technical formation, hovering within a stable range above a critical support zone on the daily chart. Following a recent breakout from its downward trend, Toncoin now signals potential upward movement.
Technically, Toncoin’s current price pattern represents a sideways trading range, a zone where prices move within a set boundary without notable upward or downward shifts. This stability often suggests that traders are consolidating positions, setting the stage for a possible future rally. If TON can sustain this support level, it stands poised for a potential climb.
Looking ahead, the next resistance target is anticipated at $6.35. Should Toncoin overcome this level, further price targets sit at $7.27 and, ultimately, $8.20. These milestones represent optimistic yet achievable gains for Toncoin, underpinned by the breakout and its steady hold within the support zone.
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