Sep 10, 2024

6thTrade

As the altcoin market shows signs of recovery, certain large investors, commonly known as "whales," are strategically positioning themselves to benefit from this resurgence. Their recent activities suggest that Toncoin (TON) may be headed for an upward trend in the days ahead, with growing optimism among market participants. $TON

Toncoin Whales Begin to Make Waves

Data from on-chain analytics firm Santiment reveals a significant uptick in whale activity surrounding Toncoin in recent days. These whales, or large holders, seem to be taking advantage of the market’s current stability. Specifically, the number of addresses holding between 10,000 and 1,000,000 TON tokens has surged by 3% over the past week. While this percentage might seem modest at first glance, it marks a notable shift in behavior among big players.

Earlier, when the market was more volatile, these whales kept a low profile. But now, as the market finds its footing, they are returning in force, steadily accumulating more TON. As of now, these large holders control a whopping 53.17% of Toncoin's circulating supply, making them a major influence on the token’s price trajectory.

Signs of Confidence: Reduced Selloffs and Long-Term Holding

Another key trend contributing to Toncoin’s upward momentum is the declining selloff activity among holders. According to Santiment’s data, there's been a 5% reduction in the amount of TON tokens held on exchanges since September 4. This is a clear sign that more holders are moving their assets off exchanges and into private wallets. Such behavior often indicates a shift toward long-term holding, as investors tend to store tokens privately when they anticipate future price growth.

This migration of assets away from exchanges reduces the available supply for trading, which in turn could lower selling pressure. If demand for TON remains steady or increases, this reduction in sellable supply might help fuel an upward price movement. In simpler terms, with fewer TON tokens available for sale and more people holding onto them, prices could rise as demand starts to outpace supply.

Toncoin Price Prediction: Signs of Accumulation and a Bullish Outlook

Technical indicators are also aligning with the idea of an impending price surge. One of the key metrics traders look at is the Moving Average Convergence Divergence (MACD), which helps signal shifts in market momentum. On Toncoin’s one-day chart, the MACD is showing promising signs, with the blue MACD line poised to cross above the orange signal line. This is often interpreted as a bullish indicator, suggesting that the market sentiment is turning more positive.

As this crossover unfolds, it hints at increasing demand for Toncoin, and many traders see this as an opportune moment to enter long positions while exiting short positions. If this bullish momentum holds, it could propel Toncoin toward a price of $5.32, a critical resistance level. Should Toncoin successfully break through this level, the next target for traders is likely to be around $5.95, marking a potential new high.

The Bottom Line: Are Whales Leading Toncoin to a Bull Run?

In summary, the recent accumulation by Toncoin whales, coupled with a reduction in selloffs and positive technical signals, paints a picture of optimism for the altcoin. With whales holding a significant portion of the supply and more tokens moving into private wallets, the market seems to be shifting toward accumulation rather than distribution. If demand continues to rise, and the technical indicators remain favorable, Toncoin could be on the verge of a sustained price rally, rewarding those who positioned themselves early for the rebound.

All eyes are now on whether Toncoin can maintain this momentum and break through its key resistance levels, potentially setting the stage for a broader altcoin rally.

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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.