Insights on $TON Token from July 2024

News:

1.Whale Selling Pressure: Whales sold 1.4 million TON tokens between July 21 and 28, leading to price declines for the cryptocurrency. Continued selling by whales could further impact the price of $TON token.

Source: BeInCrypto

2.Market Predictions: As of July 2024, $TON token is trading at $6.76 with a market cap of $23.47 billion.

Price predictions for $TON token remain optimistic with varying forecasts for the short and long term.

Source: Watcher Guru , CoinCodex.

3.Price Decline: $TON token experienced a significant price decline below its 100-day Simple Moving Average (SMA), causing bearish pressure and raising speculations about the potential price movement towards $6 or a recovery.

Source: NewsBTC Explanation of $TON Token:

$TON token is associated with the TON network, which was initially developed by Telegram. It is a cryptocurrency that operates on its network and is used for various transactions and decentralized applications within the ecosystem. The token has a specific value that fluctuates based on market demand and supply, similar to other cryptocurrencies like Bitcoin and Ethereum.

Analysis of Price Change:

The price change in $TON token during July 2024 can be attributed to the significant selling pressure from whales, which led to a decline in the token's value. Whales are large holders of cryptocurrencies who have the power to influence markets by buying or selling substantial amounts of tokens.

The continuous selling of TON tokens by whales likely caused a decrease in demand and an imbalance in the market, leading to price depreciation. Additionally, market sentiment, technical indicators, and on-chain volume also played a role in the price change, indicating weakening market momentum and potential short-term downtrends for $TON token.