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Toncoin Registers Whale Transactions of $1 Million, TON Price Rally to Continue?

There has been a notable increase in whale activity within the Toncoin ecosystem, particularly as the TON price stabilizes around the $6.2 mark.
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Toncoin Registers Whale Transactions of $1 Million, TON Price Rally to Continue?

Highlights

  • High-value transactions over $1 million are dominating Toncoin's on-chain volume.
  • The upcoming launch of Telegram's digital currency, Stars, set for June 12, has all eyes on Toncoin.
  • $6.0 remains a crucial support for the Toncoin price rally to continue going ahead.

Over the past two months, the Toncoin (TON) price surge has been remarkable, propelling the altcoin to become the ninth-largest cryptocurrency by market capitalization, surpassing Cardano in the process. As of the latest update, Toncoin is currently trading at $6.35, boasting a market capitalization exceeding $22 billion.

Toncoin Whale Activity

According to CryptoQuant, transactions exceeding $1 million USD are dominating the on-chain volume of Toncoin (TON). Since Toncoin’s rise in 2024, there has been a marked increase in high-value transactions, signaling growing interest from large investors, or “whales,” and heightened network activity among these participants.

Courtesy: CryptoQuant

The surge in the number of these substantial transactions has significantly contributed to the rise in Toncoin’s price. Consequently, TON has emerged as a robust blockchain with substantial value transfer capacity and a steady increase in participation from major investors.

The unveiling of Telegram’s latest venture, Stars, has sent ripples through the cryptocurrency market, significantly impacting Toncoin’s trajectory. Set to debut on June 12, Stars represents a bold move by Telegram to revolutionize transactions within its ecosystem.

Designed as a digital currency for seamless purchases within bots and gadgets, Stars has captivated the cryptocurrency community, fueling anticipation and speculation. As news of Stars spreads, Toncoin has experienced a notable surge in price, reflecting the market’s positive reaction to this major development. Another major reason behind the Toncoin price rally has been the growing popularity of the Telegram game community token Notcoin (NOT).

The TON Price Action Ahead

Toncoin’s price recently attempted to breach the $7.0 resistance but failed and fell back over the last ten days. As a result, TON dropped below the critical psychological support level of $6.5. A recent broader market rally briefly pushed the altcoin above this support, but it couldn’t sustain the momentum and fell to $6.2.

This bearish sentiment will likely persist unless there is a change in investor behavior. Consequently, Toncoin could decline to test the $6.0 support level. If this support is lost, the TON price could dip further to $5.4.

However, if Toncoin’s price holds above the $6.0 support level, it could rebound to $6.5. Turning this level into support could enable a recovery, potentially driving TON to $7, thereby invalidating the bearish outlook.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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