Toncoin Surges 95% in Large Transactions: What's Next for TON?

Toncoin (TON) is experiencing a significant recovery alongside the broader cryptocurrency market, which has seen a total market cap of $2.32 trillion—a 3.56% increase in the last 24 hours. Toncoin is charting a distinct growth trajectory, bolstered by the activity of its market whales.

Whale Activity Sparks New Optimism

Recent data from IntoTheBlock reveals that large transactions involving Toncoin have surged by 95.64% within a single day, totaling $8.14 billion. This notable increase highlights the impact of TON whales, especially when contrasted with the regular transaction volume of just $165.09 million, according to CoinMarketCap.

In the midst of this renewed market optimism, Toncoin recorded 1,950 large transactions exceeding $100,000 in value over the past 24 hours. This substantial volume accounts for approximately 1.59 billion TON, amounting to the aforementioned $8.14 billion.

This uptick in whale activity has helped counteract negative trends within the Toncoin ecosystem. Although it remains among the top 10 cryptocurrencies, the initial excitement that propelled its rise has faded.

Following a disappointing airdrop campaign for its major project, Hamster Kombat, users are now anticipating the next significant development on The Open Network. Sustained engagement from TON whales could provide the necessary support to uphold its valuation.

Price Expectations for TON

Since its launch, Toncoin has demonstrated remarkable growth. Currently, its price stands at $5.025, reflecting a 2.29% decline in the last 24 hours and more than a 3% drop over the past week.

Amidst last week’s sell-off, TON’s Relative Strength Index (RSI) is at 37, approaching the oversold territory. This suggests a potential rebound could be on the horizon. If such a recovery occurs, it may allow TON to establish support at the $5 level, paving the way for more ambitious upward movement in the future.

As projections indicate a forthcoming leap for the protocol, this rebound trend appears to be confirmed, potentially signaling a positive outlook for Toncoin in the days ahead.