TON, also known as Toncoin, has experienced a significant surge in its price and transaction volume over the past week. The large transaction volume on TON has reached a new high of 9.03 billion tokens, valued at $34.28 billion. This increase in whale activity indicates that major holders are actively engaging with the network, either buying or selling the asset. The netflow data shows that whales are actively buying TON, signaling strong market confidence and potential for further price gains.
The surge in whale transactions has also driven Toncoin’s daily transaction count to an 11-day high, reflecting growing adoption and favorable market conditions for all participants. As a result of the rising large transaction volume, Toncoin’s price charts have shown sustained gains over three consecutive days, rising from $3.6 to a monthly high of $4.2. This positive impact on the price charts aligns with the bullish sentiment surrounding Toncoin as whales re-enter the market.
One indicator of this bullish sentiment is TON’s aggregated funding rate, which has turned positive after being in negative territory. Long position holders are now paying short position holders to maintain their trades, indicating increased demand for long positions and optimism about further price increases for Toncoin. With the resurgence of bullish sentiment among whales and retailers, Toncoin is expected to continue seeing potential price gains, with a possible target of $4.6. However, if sellers take advantage of the recent increase to secure profits, TON could correct and fall back to $3.8.
In conclusion, the recent spike in TON’s price and transaction volume, driven by whale activity and growing market adoption, has positioned Toncoin for further price gains in the near future. The positive impact on the price charts and the bullish sentiment among investors indicate a strong market confidence in TON’s potential for growth. As whales continue to be actively engaged with the network and investors remain optimistic about further price increases, Toncoin is likely to see continued upward momentum in the coming days.
