Toncoin Whales Drive 261.24% Buying Surge, Price Hits $4.2

Toncoin has experienced a significant surge in whale activity over the past week, with large transactions reaching 9.03 billion TON tokens, valued at approximately $34.28 billion. This increase in large transaction volume indicates that major holders are actively engaged with the network, despite the high volatility in the market.

The netflow data further supports this trend, showing a 261.24% increase in whale buying activity, rising from -30.52 million to 49.21 million in the past day. This surge in whale transactions has driven Toncoin’s daily transaction count to an 11-day high, with daily transactions increasing from 316k to 382.9k. This highlights Toncoin’s growing adoption and favorable market conditions for all participants.

The rising large transaction volume has positively impacted Toncoin’s price charts, with the altcoin recording three days of consecutive gains. Over this period, Toncoin has surged from a low of $3.6 to a monthly high of $4.2. This price increase is driven by the strong market confidence signaled by whale accumulation, which historically has led to price increases due to rising demand.

AMBCrypto’s analysis reveals strong bullish sentiment for Toncoin as whales re-enter the market. One indicator of this bullishness is TON’s aggregated funding rate, which has turned positive after previously dipping into negative territory. This shift shows that Toncoin has more long positions than short ones, with long position holders paying short position holders to maintain their trades, even during market downturns. This increased demand for long positions suggests that investors are optimistic about further price increases for Toncoin.

With bullish sentiment resurfacing among whales and retailers, Toncoin is poised for potential price gains. If the trend from the past three days continues, TON may aim to reach the $4.6 level. However, if sellers capitalize on the recent increase to secure profits, Toncoin could correct and fall back to $3.8. The future price movement of Toncoin will depend on the continued engagement of whales and the overall market sentiment.