- Toncoin has experienced a price correction of 1.07% in the last 24 hours.
- Large volumes and active addresses signal a long-term bullish trend.
Toncoin (TON) saw a 108% surge in the number of large transactions. Similarly, the number of active addresses jumped 35.13% from 2.44 million to 3.3 million.
If the number of large companies identified as having increased market trading activity increases significantly, the TON price is likely to fluctuate significantly as well.
Toncoin price prediction is…
Toncoin price was approaching key levels at the time of writing after a massive bullish rally. The altcoin had rallied 22% over the past three days before changing course.
According to CoinMarketCap, the altcoin has crashed by 1.06% in the last 24 hours, despite a long-term surge of 14.18% over the past seven days.
Source: TradingView
Whales on the move as trading activity surges
Toncoin bulls defended the market as large transactions increased, as shown by IntoTheBlock data. The number of large transactions surged from 975 to 1.85K.
The whales’ position in the market suggests that they expect the overall price to rise towards the next resistance level of $6.02.
Source: IntoTheBlock
Fueling the bullish bias is the massive increase in Toncoin trading activity, with the number of active addresses skyrocketing by 35% in the last 24 hours, according to IntoTheBlock data.
Source: IntoTheBlock
Bull vs Bear
Despite the aforementioned bullish sentiment, Toncoin has experienced a decreasing long-short ratio since September 9, suggesting that there may be a short-term price correction before the market resumes its upward trajectory.
As whale trading activity increases, it appears that the price correction may be coming to an end.
Source: Coinglass
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Price action analysis converges with increasing whale activity and trading activity. All indicators point to a bullish continuation.
However, Toncoin is likely to experience some short-term correction before recovering to its target price of $6.02.