The price of Toncoin (TON) has experienced significant fluctuations over the past five days, driven by developments surrounding Telegram's CEO, Pavel Durov.
Large wallet holders have shown considerable skepticism, taking actions that could impact the recovery process.
Toncoin aims to capitalize on positive news Toncoin’s price surged by 10% following the news of Telegram CEO Pavel Durov’s release. Durov had been arrested in France over the weekend and faced multiple charges, including facilitating illegal transactions on the platform.
However, this news has not provided much positive momentum for the token, especially when compared to the panic caused by Durov’s arrest. The intention to sell among TON holders has soared in recent days.
Toncoin Active Deposits
Spikes in active deposit metrics indicate an increase in the movement of TON from investor wallets to exchanges. This trend reflects the skepticism and pessimism among investors, leading to sales, which indeed materialized.
Large wallet holders, also known as crypto whales, were not the first to sell, but they have been the biggest sellers this week. In the past 24 hours alone, addresses holding at least 0.1% of the circulating supply offloaded 123.76 million TON.
This supply, valued at over $684 million, marks the largest sell-off recorded since the beginning of the year. The lack of optimism among TON whales could make it difficult for Toncoin to recover.
Toncoin Whale Netflows
TON Price Prediction: Recovery May Be Delayed Toncoin’s price has increased by just over 8% in the past 48 hours, with a sharp surge observed yesterday. Currently trading at $5.53, the altcoin is attempting to defend the $5.49 level as support.
This is crucial for TON if it hopes to rebound from the 23% drop it suffered last weekend. However, the factors mentioned earlier could complicate this recovery, potentially keeping the altcoin below the $6.04 resistance level.
On the other hand, if investors turn optimistic due to the news of Durov’s release, demand could rise. This would propel TON beyond the $6.04 threshold, invalidating the bearish-neutral outlook.
