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- Toncoin’s TON recorded a 1,000% surge in whale transactions, hitting $4.1 million, indicating that institutional investors were bullish on the token.
- TON bulls are targeting breaching the $7.7 resistance and despite a 3.45% decline on the weekly chart, the token is seeing high buying pressure.
Toncoin’s TON has been on a roll this year, but in the past week, this momentum has waned and it has dipped over 3%. However, institutional investors are still interested in the token, with its whale activity spiking by nearly 1,000% in the past few days.
TON has been one of the star performers this year. The token started the year at $2.3 and has skyrocketed since to hit an all-time high of $8.26 in mid-June. This surge thrust the newcomer into the top ten, where it has been the best performer this year.
However, it has dipped 3.3% in the past week and 0.6% in the past day to trade at $7.31. At $18.3 billion in market cap, it trails XRP on the charts, sitting eighth. It sits above Dogecoin, the king of memecoins, which it overtook on July 2, as we reported.
Despite the dip in the past week, big-pocketed investors are still interested in the token. According to data from IntoTheBlock, whale transactions, or those above $100,000, surged 983% to hit $4.1 million. While this activity is still below the high levels witnessed around May, it’s on a rebound after dipping earlier this month.
What’s Next for Toncoin?
After hitting its all-time high of $8.26 a month ago, Toncoin lost momentum and dipped to $6.817. The bulls then defended it and after finding support, TON rediscovered its momentum to surge to $8.08 on July 3. It was once again rejected and has struggled to find form since.
According to analysts, $7.5 remains a key resistance level for Toncoin. Since April, the token has been trading between $6.75 and its ATH of $8.26. This makes $7.5 the mid-range and a long-term resistance that TON struggled in April and May to break past.
Analysts believe that if it continues to be rejected at $7.5, Toncoin could dip to $6.75, its lower range. However, this would allow bulls to retake control and launch a new bid to breach the resistance.
On the derivatives market, open interest for Toncoin has remained relatively unchanged in the past week. This figure currently stands at $269.3 million, increasing by 0.5% in the past day, a majority of which is on Bybit.
However, as the graph below from crypto analysts at Kaiko shows, open interest has been soaring for months as Toncoin continues to become popular with institutional investors. It hit a record high at $287 million earlier this month.
The Kakao team added:
Volumes increased in both dollar and asset terms, suggesting the increasing is not simply due to higher prices, but more demand for TON tokens. TON’s liquidity has increased at the same time, with a 1% market depth up from $2.5mn in January to over $8mn by July.
