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Toncoin whales boost holdings as price aims for $5.95 target

Toncoin whales boost holdings as price aims for $5.95 target

GrafaGrafa2024/09/10 06:05
By:Isaac Francis

Toncoin (CRYPTO:TON), the cryptocurrency linked to Telegram, is witnessing renewed interest from large holders, or whales, following a recent dip triggered by the arrest of Telegram CEO Pavel Durov. 

This drop provided an opportunity for these major investors to accumulate more TON, potentially setting the stage for a price rebound. 

On-chain data from Santiment reveals that the number of whale addresses holding between 10,000 and 1,000,000 TON tokens has risen by 3% in the past week. 

This increase comes after a period of significant sell-offs when Durov's arrest on August 24 caused the whale count to fall to a 30-day low of 131 addresses. 

The selling pressure contributed to a sharp decline in TON’s price at the time. 

Now, with market conditions stabilising, these whales have started to reaccumulate, and currently, they control about 53.17% of TON’s circulating supply. 

Alongside this rise in whale activity, there has been a noticeable reduction in the amount of TON held on exchanges. 

According to Santiment, the exchange-held supply has decreased by 5% since September 4, indicating that investors are moving their tokens to private wallets, possibly signaling a long-term holding strategy. 

The decrease in selloffs and the shift toward accumulation could help reduce selling pressure, potentially driving up TON’s price if demand remains steady. 

Toncoin’s moving average convergence/divergence (MACD) indicator also points to a potential bullish trend. 

The MACD line is positioned to cross above the signal line on the daily chart, often considered a buy signal by traders, suggesting a shift in momentum toward upward price movement. 

According to this analysis, if the bullish momentum continues, Toncoin could target $5.32 as a critical support level, with a possible breakthrough pushing the price to $5.95. 

However, if profit-taking increases, the bullish outlook might be challenged, potentially bringing the price back down to $4.51. 

At press time, the Toncoin (TON) price was $5.27.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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