Toncoin (TON) Continues to Attract Whales' Attention with Large Buying Volume

The price of Toncoin (TON), the cryptocurrency associated with the popular messaging app Telegram, has been on an upward trend over the past few weeks, indicating a steady increase in demand for the altcoin.

Major TON investors are increasing their trading activity, looking to take advantage of the opportunity to gain higher returns.

Also Read: Toncoin (TON) price may face new decline as retail investors decide to sell

Toncoin Gets Attention From Major Investors

Over the past month, on-chain data has shown an increase in the number of large daily transactions involving TON. Data from IntoTheBlock shows that the number of TON transactions worth between $1 million and $10 million increased by 46% during that time.

Similarly, larger TON transactions worth over $10 million have also increased by 50%. An increase in the number of large transactions for an asset is a positive sign. This can prolong the asset’s price rally as retail investors start to participate and accumulate more.

Additionally, the netflow of TON’s large investors increased by 431% over the past week, confirming increased buying pressure from large investors.

Large investors, typically those who control more than 0.1% of an asset's circulating supply, are the main drivers of price movements. Their net holdings measure the difference between the amount of TON they accumulate and the amount they sell over a given period of time.

When the net amount of large investors increases, it shows that whale addresses are accumulating more Token . This is a positive signal, indicating increased demand from large investors, which can fuel further price growth.

TON Price Prediction : Buying Activity Drives Price Towards $7 Zone

TON is currently trading at $6.60, with technical indicators showing strong buying pressure. The Moving Average Convergence Divergence (MACD) indicator confirms this bullish momentum. The MACD line (blue) is currently above the Signal line (orange) and is close to zero, signaling a possible continuation of the uptrend.

MACD tracks price trends, direction, and momentum. When the MACD line is above the Signal line, this indicates an uptrend due to increased buying activity. A break above zero reinforces this trend, often prompting traders to buy.

If this buying pressure persists, TON could rally 5%, taking the price to $6.93. If the rally continues, the next target would be $7.52.

However, if the market sentiment shifts from bullish to bearish, the bullish scenario could fail and the TON price could drop to $6.51.

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