Toncoin is on the road to recovery and the latest 376% surge in whale transactions is proof of that. There is a high probability that we will see a significant surge in the market, along with on-chain growth in the background.
Toncoin transactions have seen whale activity over the past 24 hours. The latest data shows that 359,000 TON have been involved in nine significant transactions. Major players have shown increased interest since the seven-day high of 32 transactions was reached on July 6, 2024.
The recent low on July 7, 2024, with three transactions, was followed by this surge in activity. Moreover, there has been a noticeable increase in the number of large transactions. The total amount of large transactions in the last day was 359,000 TON, and on July 3, 2024, it reached a seven-day high of 962,000 TON.
This growth means that whales are buying cheap TON, taking advantage of the current market conditions. According to the price chart analysis, Toncoin is trending upward. TON is up two points, or 32%, at the moment, trading at around $7.28. The price has been volatile in recent sessions, reaching a high of $7.38 and a low of $7.09.
Along with resistance levels at $8.00 and above, technical indicators also point to support at $7.16. As Toncoin price continues to rise above significant moving averages, the overall trend appears positive. There may be room for more upside as the 50 EMA and 200 EMA are showing upward momentum.
In addition, the RSI is in a positive position, indicating that the asset is not yet overbought. The growing volume of TON that whales are accumulating indicates their high level of confidence in the potential performance of the asset.
