- Major stakeholders have accumulated over 13.83 million Toncoin tokens, valued at approximately $72 million, indicating strong buying pressure.
- Alongside the increase in whale activity, Toncoin’s Coin Holding Time has risen, suggesting that holders are more inclined to retain their assets rather than sell.
Following its recent correction over the past three months, Toncoin (TON) is once again seeing strong whale interest with crypto whales stepping in to buy the altcoin. This surge in buying pressure comes as the TON price took a dive close to $5.0 recently.
However, the bulls have struck back not allowing it to go beneath the crucial support levels, and now with the support of whales, Toncoin seems ready to resume the upward trajectory.
Toncoin Whales Scoop More Than 13 Million Tokens
As per the data from IntoTheBlock, the large holder’s net flow for Toncoin has surged by a staggering 44% over the past week. The large holders are typically addresses controlling 1% of the digital asset’s total circulating supply.
Major stakeholders often have a substantial impact on price fluctuations. A decrease in large holders’ netflow indicates that whales are selling more of the asset than they are buying. But in the case of Toncoin, these holders have accumulated more than 13.83 million tokens, worth a staggering $72 million, as of October 16, per the CNF report.
In addition to the rise in large holders’ netflow, Toncoin’s Coin Holding Time has also increased. This metric measures how long the cryptocurrency is held without being sold, and a longer holding period often indicates growing confidence in the asset’s potential for favorable returns.
When holding time declines, it can signal potential selling pressure, possibly leading to a price drop. Conversely, an increase in holding time suggests that most holders are choosing not to sell, which can boost buying momentum and increase the chances of a price rise.
TON Price Surge Above $6 Soon
As of press time, the TON price is trading 0.7% up at $5.24 with a market cap of $13.29 billion. Currently, the tenth-largest crypto by market cap has strong support at $5.05 levels, per the CNF report. Historically, this support has prevented Toncoin from undergoing a significant correction further.
At its current level, TON’s price is unlikely to fall below this range. If it holds, the next target for the Telegram-native coin could be a move toward $5.80, where it may encounter some resistance that could push it back. However, if buying pressure keeps building, Toncoin could break through this zone, potentially driving its value up to $6.75.
However, if bears manage to push for a rejection, TON may not reach this target. Instead, the cryptocurrency could drop below the $5 mark.
