Crypto News Flash:
Key stakeholders have accumulated over 13.83 million Toncoin tokens, valued at approximately $72 million, indicating strong buying demand.
Along with the increase in whale activity, the holding time of Toncoin has increased, indicating that holders are more inclined to hold on to their assets rather than sell.
After a recent correction over the past three months, Toncoin (TON) has once again seen increased interest from crypto whales looking to buy into the altcoin. This surge in buying interest comes after the price of TON recently dropped to nearly $5.0.
However, the bulls struck back, not allowing it to fall below key support levels, and now, with the support of the whales, Toncoin looks set to resume its upward trajectory.
Toncoin whales have collected over 13 million tokens
According to IntoTheBlock, Toncoin's net large holder flow has increased by 44% over the past week. Large holders are typically addresses that control 1% of the total circulating supply of a digital asset.
Large holders often have a significant impact on price movements. A decrease in net flow from large holders indicates that whales are selling more of the asset than they are buying. But in the case of Toncoin, these holders have accumulated more than 13.83 million tokens worth $72 million as of Oct. 16, according to a report from CNF.
Courtesy: IntoTheBlock
In addition to the increase in net flow from large holders, Toncoin's holding time has also increased. This metric measures how long a cryptocurrency is held without being sold, and a longer holding period often indicates growing confidence in the asset's potential for favorable returns.
When holding time decreases, it may signal potential selling pressure, which could cause the price to fall. Conversely, an increase in holding time suggests that most holders are choosing not to sell, which could increase buying momentum and increase the chances of the price rising.
TON Price Will Soon Rise Above $6
As of now, the price of TON is up 0.7% to $5.24 with a market cap of $13.29 billion. The tenth-largest cryptocurrency by market value currently has strong support at $5.05, according to a report from CNF. Historically, this support has prevented Toncoin from experiencing further significant corrections.
At the current level, the TON price is unlikely to fall below this range. If it holds, the Telegram coin’s next target could be a move to $5.80, where it could encounter resistance that would push it back. However, if buying pressure increases, Toncoin could break through this zone, potentially pushing its price up to $6.75.
Courtesy: TradingView
However, if the bears manage to force a refusal, TON may not achieve this goal. Instead, the cryptocurrency may fall below the $5 mark.
