Toncoin, a cryptocurrency associated with Telegram, has recently seen a sharp rise in activity from whale investors. Over recent weeks, large holders have increased their Toncoin netflow, while the number of high-value transactions has also surged.
This heightened engagement among whales, however, has yet to spark any major price movement due to an overall bearish sentiment keeping TON’s momentum in check.
Whales Continue Accumulating Toncoin
Data reveals that Toncoin’s large holders, often called “whales,” have ramped up their activity. In the past week alone, netflow among these major holders—those who own at least 0.1% of the token’s circulating supply—has jumped by 131.63%, signaling a strong accumulation trend.
A surge in netflow typically indicates that large holders are buying more tokens than they are selling, often seen as a bullish signal. Many investors interpret whale buying activity as a sign of expected price growth, signaling confidence in the asset’s long-term value.
Additionally, the frequency of high-value Toncoin transactions has significantly increased over the past month. According to IntoTheBlock data, transactions valued between $1 million and $10 million are up by 94%, while those over $10 million have risen by 67% in the last 30 days.
Short-Term Holders Exert Downward Pressure
Despite the positive whale activity, short-term holders (STHs) have continued to sell off their assets quickly, creating downward pressure on Toncoin’s price. STHs—investors who have held TON for less than a month—have reduced their average holding time by 29% over the past month, according to IntoTheBlock data.
This behavior typically reflects a “paper hands” mindset, where investors sell quickly at any sign of a downturn. In the case of Toncoin, the STHs’ rapid selling has contributed to a 10% price drop over the last month.
TON Price Forecast: Will Support Hold?
Toncoin is currently trading at $5.09. If bearish trends persist, TON could drop to its September 6 low of $4.46, marking a potential 13% decline from its current value. However, should demand increase, Toncoin might attempt a breakout above its immediate resistance at $5.26. A successful push past this level could open the way toward the next key resistance at $5.91, potentially setting up a rally toward its two-month high of $6.36.
