Toncoin (TON) price, a Telegram-based altcoin, has seen notable fluctuations recently, characterized by shifting bullish spikes and corrective pullbacks. Despite signs of a potential breakout, prevailing bearish sentiment has tempered momentum. As the market stands at a pivotal point, recent data highlights a substantial uptick in whale activity, with large-scale investors reportedly eyeing gains of up to 90%.
Whales Accumulate as Toncoin Price Stabilizes
The whale activity in Toncoin has surged significantly over the past week, with a notable rally occurring on October 22. Data indicates that whale net inflow reached 15.3 million Toncoin tokens that day.
This influx of large-scale transactions suggests increasing interest from high-volume investors despite overall market volatility. Despite this increase, bearish sentiment and short-term sell-offs have limited Toncoin’s price movement.
Large holders, or whales, have accumulated significantly, with flow spiking 131% in the past week. Major investors’ engagement has intensified, though the price remains constrained by broader market challenges.
Source: IntoTheBlock
Will TON Price Rebound After Recent Price Decline?
The token reached an all-time high of $8.25 on June 15, a 38% decrease from its current price. However, this rise is part of a broader corrective trend, hinting at potential further declines.
Currently, the value of TON trades at $5.09, reflecting a 3% daily drop and a 10% decrease over the past week. Market conditions remain volatile as TON continues to face downward pressure.
Toncoin price is facing rejection at $6, struggling to gain momentum. If bulls make a comeback, the Toncoin could potentially rally toward $10, surging by nearly 93%. The moving average convergence divergence (MACD) indicates bearish momentum, but a breakout above key resistance levels may signal a trend reversal.
The crypto market saw notable movements today, with BTC reclaiming a position above $68,000. ETH also traded above $2,600, signaling a slight recovery. However, other major altcoins struggled, with many failing to gain significant upward momentum.
Toncoin Price Chart: TradingView
The top altcoin remains under pressure despite increased whale activity. A breakout above key resistance could ignite a rally toward $10, but a bearish sentiment and market volatility weigh heavily on its momentum. Investors await signs of a potential trend reversal.
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