Toncoin Whales Accumulate $72 Million to Support Telegram Coin: Bullish Sentiment Among TON Holders

In the wake of a significant correction over the past three months, Toncoin (TON) is witnessing a resurgence of interest from crypto whales, as major holders step in to bolster the altcoin's price. Following a recent dip that brought the TON price close to $5.00, bullish sentiment among investors remains steadfast.

Whale Activity on the Rise

Recent data from IntoTheBlock reveals a remarkable surge in buying activity among large holders of Toncoin. Over the past week, the net flow of large holders—defined as those controlling 1% or more of the total circulating supply—has increased by an impressive 44%. This uptick indicates that prominent stakeholders are buying more Toncoin than they are selling, which can play a crucial role in influencing price movements.

As of October 16, these large holders have accumulated over 13.83 million Toncoin tokens, valued at approximately $72 million, according to a report by CNF. This strong buying pressure from whales suggests a commitment to supporting the asset's value and preventing any further declines.

Growing Confidence Among Holders

In addition to increased whale accumulation, Toncoin’s Coin Holding Time—a metric that reflects how long the cryptocurrency is held before being sold—has also risen. A longer holding period typically signifies growing confidence among investors regarding the asset's potential for positive returns. When this holding time decreases, it may indicate an uptick in selling pressure, which can contribute to price drops. However, the recent increase suggests that many investors are choosing to retain their holdings, bolstering buying momentum and enhancing the likelihood of price appreciation.

Short-Term Price Outlook

As of the latest update, Toncoin is trading at $5.24, reflecting a 0.7% increase with a market capitalization of $13.29 billion. The tenth-largest cryptocurrency has established a solid support level around $5.05, a historical price point that has previously helped prevent significant corrections.

Given its current position, analysts believe that Toncoin is unlikely to fall below this support range. If the price holds steady, the next target for Toncoin could be a move toward $5.80, where it may encounter some resistance that could temporarily halt its upward momentum. However, if buying pressure continues to build, there is potential for Toncoin to break through this resistance zone, with price targets as high as $6.75.

Conversely, if bearish sentiment prevails and selling pressure intensifies, Toncoin could experience a downturn, possibly dropping below the $5 mark.

Conclusion

The recent accumulation of Toncoin by whales, coupled with increasing confidence among holders, paints a bullish picture for the cryptocurrency's future. As the market navigates these fluctuations, the support from major stakeholders may play a pivotal role in shaping Toncoin's trajectory in the coming weeks. Investors should remain vigilant, as both positive and negative pressures could influence Toncoin's performance in this dynamic market.