Toncoin (TON) Whales Accumulate $72 Million to Stabilize Telegram Coin's Value

In a strategic move to bolster the price of Toncoin (TON) and prevent a decline, crypto whales have begun purchasing the cryptocurrency in significant volumes. This buying spree comes in response to recent fluctuations that saw Toncoin teetering on the brink of dropping to the $4 mark.

Recently, bullish sentiment among investors has helped maintain the altcoin's price above this threshold. With the involvement of large holders, the future of TON looks promising.

Whales Accumulate Over 13 Million Toncoin

Data from IntoTheBlock reveals that netflow from large holders of Toncoin surged by 44% in the past week. In crypto, large holders—defined as wallets controlling around 1% of a token’s total circulating supply—can greatly influence price movements. A decrease in large holders’ netflow typically indicates more selling than buying, but in Toncoin's case, these whales acquired approximately 13.83 million tokens on October 16, valued at over $72 million at the current market price, signaling potential bullish momentum for the altcoin.

Additionally, the average holding time for Toncoin has increased, indicating that investors are retaining their tokens for longer periods. A longer holding time often reflects increased confidence in the asset's future performance, while a decrease could suggest impending selling pressure that might lead to a price drop. The current uptick in holding time suggests that most investors are opting to hold, which could further strengthen buying momentum and increase the likelihood of a price rise.

TON Price Outlook: Targeting $6

Currently, Toncoin's price stands at $5.13, with a notable support level around $5.05. This support has historically been effective in preventing significant corrections. Should buying pressure persist, Toncoin might break through this resistance, potentially pushing its value up to $6.75.

Conversely, if selling pressure intensifies and bears dominate, the cryptocurrency could dip below the $5 mark, undermining its recent gains.