TON Coin Whales Have Been Accumulating, Setting the Stage for an Attractive Next Phase of the Market Recovery

TON coin could be one of the most attractive coins in the next phase of the crypto market's recovery.

TON coin could be one of the most attractive coins in the next phase of the crypto market’s recovery.

The coin experienced a massive drawdown (over 72%) from its December peak to recent lows. According to IntoTheBlock, Ton coin whales have been buying back at discounted prices especially on the way down.

At the time of observation, on 26 March, these same cohort of buyers had already accumulated 3.34 billion TON at a price around $0.68.

At that time, whales held 66.9% of TON coin supply, which is a considerable gain from 3.25 billion TON (64.99%) as of 1 January.

As such, TON coin whale accumulation has historically preceded a major rally. This latest observed accumulation by the same cohort of buyers could signal that the market may be preparing for more upside.

Will TON Coin’s Latest Upside be Subject to Short-Term Profit-Taking?

TON coin has already achieved a considerable recovery since 11 March, rallying by 64% at its $3.98 press time price tag.

This gain underscores the possibility of short term profit-taking especially amid rising tariff war intensify and uncertainty around expiring options.

Although it was not yet oversold according to the RSI, the money flow indicator was already flashing signs of being overheated.

This could potentially signal a high probability of a weekend retracement.

The probability of short term profit-taking is further supported by the historical significance of its current price point.

It previously struggled with some sideways price action in the first half of February.

Investors that bought back after 11 March may therefore be incentivized to take profits.

However, this may not necessarily be the case if investors feel that there is potential for more upside in the short term.

TON Coin Price Chart and Relevant Indicators

As the chart above shows, the price of TON coin was in the process of testing the $4 mark, a price point that it struggled to break in February.

After falling to lows of $0.52 on 11 March, TON coin experienced a 64% rally, which was largely fueled by Huobi's decision to relist the coin.

The lower time frames showed that the price action was heating up as the bulls grew more confident.

The RSI was also rising but had not yet reached the oversold territory, which was at 70. At the time of observation, it was at 50.

On the other hand, the money flow indicator was already in the overbought territory, which could increase the probability of a price decline over the weekend.

At the same time, the majority of TON coin holders were still out of the money. According to IntoTheBlock, only 9% of holders were in profit, while 5% were at breakeven.

Out of 90% of the observed cohort of holders in the red, 81% were holding at a loss.

In addition, 92% of all the HODLed TON coin was HODLed or unmoved in the last 12 months. Only 3% was acquired in the last 4 weeks.