Toncoin’s growth in the cryptocurrency market was notable. However, it doesn’t seem to stop anywhere near the current price values. However, on-chain volume shows that the big players are calling it quits and are ready to push TON even further.
Toncoin’s growth in the cryptocurrency market was notable. However, it doesn’t seem to stop anywhere near the current price values. However, on-chain volume shows that the big players are calling it quits and are ready to push TON even further.
The dynamics of the Toncoin market, as it currently exists, can be better understood thanks to on-chain data. Over the past week, there has been a significant fluctuation in the number of large transactions, peaking on June 23 with 32 transactions.
This volatility points to increased activity and interest from whales, or large investors. These large-scale transactions also had relatively high volume. On June 27, the volume reached a remarkable 172 million TON, indicating a notable rise in Toncoin among major holders.
This activity, which usually precedes large price movements, suggests that whales are preparing for a potential rally. The moving averages have allowed Toncoin to grow steadily, as shown in the price chart. At the 50-day, 100-day, and 200-day moving averages, there is a clear uptrend indicating continued bullish momentum.
Yuri MolchanWith the price currently hovering around $7.50, $8.00 represents the next significant resistance level. An additional crucial metric is the Relative Strength Index or RSI. The neutral mark of 57 is where it stands right now. Since it is neither overbought nor oversold, it is implied that Toncoin has room to grow.
If the RSI approaches the 70 level, the bullish trend could be validated and a price rally could be encouraged. From a fundamental standpoint, Ton is leading the way in blockchain technology, now attracting most new developers to the emerging ecosystem with the support of one of the world’s largest messaging apps. However, can TON compete with crypto giants like Solana or Ethereum? Only time will tell.
