toncoin The price rally has gained good momentum in the last two months, allowing it to rank ninth in terms of market value, leaving behind major projects such as Cardano. While the price is traded at $6.35, the market value has exceeded $22 billion.
Toncoin Whale Activity Increases
According to CryptoQuant’s post, Toncoin transactions exceeding $1 million in volume attract attention. With the rise of the price in 2024, a significant increase in high-value transactions was observed. This is due to large investors, or “whales,” and increased network activity among these participants.
The increase in the number of these large transactions significantly contributed to Toncoin’s price increase. As a result, TON stood out as a powerful blockchain with large value transfer capacity.
Announcement of Telegram’s latest initiative, Stars, cryptocurrency It made a huge impact on the market and significantly affected the course of Toncoin. Stars, which will be released on June 12, represents a bold move aimed at revolutionizing Telegram’s ecosystem.
Designed as a digital currency for seamless transactions within bots and devices, Stars has attracted the cryptocurrency community and raised expectations. With the news of Stars spreading, there was a remarkable increase in the price of Toncoin and it was seen that the market reacted positively to this great development. Another important reason behind the Toncoin price rally was the increasing popularity of Notcoin (NOT), the Telegram gaming community token.
The Future of the TON Price
Toncoin’s price recently attempted to break the $7.0 resistance but failed and retreated over the past ten days. Therefore, TON fell below the critical psychological support level of $6.5. The recent overall market rally briefly pushed the altcoin above this support, but it failed to sustain the momentum, falling back to $6.2.
This downward trend will likely continue unless there is a change in investor behavior. Therefore, Toncoin could decline to test the $6.0 support level. If this support is lost, the price could decline to $5.4.
However, if Toncoin price stays above the $6.0 support level, it could rally to $6.5. If this level becomes support, it could enable a recovery and push TON towards $7, invalidating the downtrend.
