According to U.Today, Toncoin is showing signs of recovery, as evidenced by a recent 376% increase in whale transactions. This surge suggests a potential significant market rise, mirroring the on-chain growth. Over the past 24 hours, whale activity has been noted in Toncoin transactions, with 359,000 TON involved in nine major transactions. This increased interest from major players is reflected in the seven-day high of 32 transactions on July 6, 2024.
Following a recent low on July 7, 2024, with only three transactions, there has been a noticeable increase in the volume of large transactions. The total amount of large transactions in the last day was 359,000 TON, reaching a seven-day high of 962,000 TON on July 3, 2024. This increase suggests that whales are purchasing cheap TON, capitalizing on the current market conditions.
Toncoin has been on an upward trend according to price chart analysis. As of now, TON has risen by two points, or 32%, trading at approximately $7.28. The price has fluctuated in recent sessions, reaching highs of $7.38 and lows of $7.09. Technical indicators point to support at $7.16 and resistance levels at $8.00 and above. The overall trend appears positive as the price of Toncoin continues to rise above significant moving averages.
There may be potential for further gains as both the 50 EMA and 200 EMA are showing upward momentum. The RSI is also in a positive position, indicating that the asset is not yet overbought. The increasing amount of TON that whales are accumulating suggests a high level of confidence in the asset's potential performance.