As the market continues to decline, whales have increased their purchases of Toncoin (TON).
The Toncoin (TON) price started the week at $6.2, up 27% after Gary Gensler’s departure was announced on November 21. According to on-chain data, whales’ increased TON purchases over the last 5 days could push the price up to $7. So, what does this data mean for Toncoin?
Following Gensler’s departure, confidence in crypto assets affected by regulatory uncertainty has increased. Many cryptocurrencies, especially XRP, have been positively affected by this development. Toncoin was one of these cryptocurrencies. According to IntoTheBlock data, whale wallets that control at least 0.1% of the TON supply in circulation began to make significant purchases starting from November 21.
On November 23, whales bought 262,580 TON, worth around $1.7 million, the highest daily purchase in 63 days. Between November 21-24, whale wallets bought a total of 459,980 TON. These purchases equate to around $30 million at an average price of $6.30.
Toncoin experienced a 20% drop in price in August 2024 after its founder Pavel Durov was arrested in France for allegedly failing to prevent criminal activity on the Telegram application. During this process, it was observed that the $ 6 level acted as a strong resistance.
Just 48 hours after Gensler’s departure was announced, on November 23, Toncoin saw a major surge in price, reaching a 90-day high of $6.6. However, profit-taking over the weekend sent the price falling to $5.9 on November 25. Later, despite the decline in Bitcoin, Toncoin made another push, rising above the $6 level.
It is important for Toncoin investors to pay attention to the $6 level in this process. Weekly closings above this level may cause the price to rise faster. However, the possibility of increased selling pressure in the event of a drop below $6 should not be ignored.
