Over the past week, Toncoin (TON) whales have taken advantage of the recent dip to buy more tokens. This has led to a revival in demand for the altcoin and has pushed up its value since the end of last week.
As of this writing, TON is trading at $5.34, with a 2% price increase and a 20% surge in trading volume over the past 24 hours. While whale activity has boosted TON’s price in the short term, not everyone is as optimistic as they are.
Toncoin whales drive price higher
Over the past week, TON big holders, or whales, have increased their holdings, as evidenced by a surge in net outflows from big holders. Data from IntoTheBlock shows that net outflows have increased by 124% over the past seven days.
Large holders are addresses that hold more than 0.1% of the circulating supply of assets. Their net flow measures the difference between the number of tokens they bought and the number of tokens they sold in a specific period. When this indicator spikes, it shows that these whale addresses are buying more tokens.
Toncoin large holders net flow.
In addition, the surge in whale activity has triggered the rise in Toncoin prices since the weekend, and many transactions are now generating profits. As of Monday, the ratio of profitable to losing TON daily transactions was 3.61, the highest level in ten days. This means that for every losing transaction today, there are 3.61 profitable ones.
While this is a positive sign for TON holders, it could also pose a risk to its price. Higher profit potential could prompt investors to sell, increasing selling pressure. If this happens, TON’s recent gains could reverse, erasing the current upward momentum.
The ratio of Toncoin's daily on-chain transactions to profits and losses.
TON Price Prediction: Desire for profit may lead to price drop
Toncoin’s whale activity could further fuel demand for altcoins. When retail investors notice increased transactions from large holders, this often boosts confidence, leading to increased buying and a continued rise in prices.
If TON’s demand surges, its price could rise by 27% to $6.81 — a level it has struggled to break since June.
Toncoin Price Analysis.
However, if profit-seeking triggers more selling, Toncoin’s price could drop by 18% to as low as $4.42.
