toncoin (TON) gained 25% in value in the last 24 hours and rose to a record level of $ 4.45. As of press time, its price increased by 16.31% to $4.31 and its market value reached $15 billion. Transaction volume increased by 30% to 354 million dollars.
Behind Toncoin’s rise is the announcement that 50% of advertising revenues on Telegram channels will be distributed.
At the same time, the growth of startups in the TON blockchain ecosystem is notable, especially with the generous airdrop program initiated by TON Raffles and the TON Foundation. pulling.
Lookonchain data provider stated that the increase in the price of TONcoin is parallel to a whale investor purchasing a large amount of TONcoin. This investment shows increasing confidence in TONcoin.
The price of $TON(#toncoin) increased by nearly 30% today!
We noticed that a whale spent 214 $ETH($858K) to buy 209,237 $TON at $4.1 on-chain.https://t.co/BGyj7ugsLw pic.twitter.com/EiUOkcup3e
NEWS CONTINUES BELOW— Lookonchain (@lookonchain) March 13, 2024
What Does Toncoin Price Movement Reveal?
95% of Toncoin investors see profits. If no significant profits are made in the near future, this indicates that investors are aiming to reach new highs. Similar patterns were observed with FLOKI Token, which remained at 95% profit before doubling in price.
However, it would be wise to consider the possibility of selling pressure. A price increase of 37 requires caution. Analysis of the four-hour chart shows a short-term bullish trend in price action.
When we look at historical data, as reported by Koinfinans.com, Toncoin received support around the $ 2.6 and $ 2.38 levels. In case of a potential sale, prices may drop to these levels. However, if the current momentum continues, a close above $4 could potentially trigger a fresh upward move towards the $5.8 level.
