Whales Bet Big on Toncoin: 376% Increase in Large Transactions

Toncoin experienced a remarkable 376% surge in whale transactions over the past 24 hours. Large investors moved 359,000 TON across nine major transactions, signaling growing interest in the asset. This surge demonstrates increased confidence among major players in Toncoin’s market potential.

Market Trends Shift

Whale transactions peaked at 32 on July 6, 2024, before briefly dipping to three on July 7. However, the momentum quickly rebounded, indicating strong market confidence. Consecutive days of high-volume transactions suggest strategic asset acquisition during favorable market conditions.

Technical Indicators Point Upward

*TON/USDT Price Chart. Source| TradingView*

Toncoin’s price rose approximately 32% to $7.28, fluctuating between $7.09 and $7.38 in recent sessions. Key support levels at $7.16 and resistance around $8.00 indicate potential for further gains. The price continues to hover above significant moving averages, reinforcing the bullish trend.

Moving Averages and RSI Support Growth

The 50 EMA and 200 EMA both show upward trends, aligning to reinforce Toncoin’s positive outlook. Additionally, the Relative Strength Index (RSI) remains favorable, suggesting the asset is not currently overbought. These technical indicators bolster the perspective of continued growth for Toncoin.

Whales Accumulate with Confidence

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Whale investors have shown a cumulative buying pattern, indicating their confidence in Toncoin’s future performance. The total volume of significant transactions reached 359,000 TON in the last day. Over the past week, transaction volume peaked at 962,000 TON, highlighting a pronounced accumulation trend.

Promising Outlook for Toncoin

The substantial surge in whale transactions, coupled with favorable technical indicators, underscores Toncoin’s robust recovery trajectory. This heightened activity not only signals strong market interest but also positions Toncoin for potential future gains. Investors should consider these developments and technical trends as indicators of Toncoin’s promising near-term outlook.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.