Toncoin (TON) may experience a rise: Whales are hungry

In response to the market decline, whales increased their purchases of Toncoin (TON).

The price of Toncoin (TON) started the week at $6.2 with a 27% increase after the announcement of Gary Gensler's resignation on November 21. According to onchain data, the increasing TON purchases by whales in the last 5 days seem to be able to push the price to $7. So, what do onchain data indicate for the popular altcoin?

Whales bought 459,980 TONS within 4 days

After Gensler's departure, confidence in crypto assets affected by regulatory uncertainties increased. Many cryptocurrencies, especially XRP, benefited from this development. One of these cryptocurrencies is Toncoin. According to IntoTheBlock data, whale wallets controlling at least 0.1% of the circulating TON supply started buying significantly since November 21st.

On November 23, whales made the highest daily purchase in the last 63 days by acquiring approximately 262,580 TON worth of about 1.7 million dollars. Whale wallets purchased a total of 459,980 TON between November 21-24. This amount is equivalent to about 30 million dollars at an average price of 6.30 dollars.

6 dollar band will be determinant

In August 2024, the founder of TON, Pavel Durov, was arrested in France on allegations that he could not prevent criminal activities on the Telegram application, which caused a 20% drop in Toncoin price. During this process, the $6 level acted as a strong resistance.

Just 48 hours after the announcement of Gensler's departure, the price of Toncoin reached a 90-day high of $6.6 on November 23. However, profit-taking over the weekend dropped the price to $5.9 on November 25. Despite the drop in Bitcoin, TON managed to rise above $6 again.

Toncoin investors should pay attention to the $6 level during this process. Weekly closes above this level will accelerate the rise. In the opposite scenario, it is highly likely that selling pressure will increase.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.