Toncoin [TON] Whales Are Back, Driving Large Transaction Volume

Over the past week, Toncoin [TON] has seen a sharp rise in whale activity.

Over the past week, there has been a sharp rise in whale activity on Toncoin [TON].

In fact, according to IntoTheBlock, the large transaction volume on TON has continued to rise, setting new records. These transactions have surged to 9.03 billion TON tokens, which is equal to about $34.28 billion.

The rise in large transaction volume suggests that whales remain actively engaged with the network. Even though TON has faced high volatility, large entities are still active in the market.

A surge in large transactions suggests that major holders are either buying or selling the asset.

The netflow data indicates that whales are actively buying the altcoin, with netflow rising from -30.52 million to 49.21 million—a 261.24% increase in the past day.

When whales buy, it signals strong market confidence as they expect further price gains. Historically, higher whale accumulation rates have often led to price increases driven by rising demand.

The increase in whale transactions has driven Toncoin’s daily transaction count to an 11-day-high.

Daily transactions surged from 316k to 382.9k, highlighting Toncoin’s growing adoption and favorable market conditions for all participants.

What is the impact on TON?

As expected, the rising large transaction volume has positively impacted Toncoin’s price charts.

In fact, TON has seen a sustained rise on its price charts, with the altcoin recording three days of consecutive gains. Over this period, Toncoin has surged from a low of $3.6 to a monthly high of $4.2.

What next for the altcoin?

AMBCrypto’s analysis reveals strong bullish sentiment for Toncoin as whales re-enter the market.

One indicator of this bullishness is TON’s aggregated funding rate, which has turned positive after previously dipping into negative territory. This shift shows that Toncoin has more long positions than short ones.

Long position holders are paying short position holders to maintain their trades, even during market downturns. This increased demand for long positions suggests that investors are optimistic about further price increases for Toncoin.

With bullish sentiment resurfacing among whales and retailers, Toncoin is poised for potential price gains.

If the trend from the past three days continues, TON may aim to reach the $4.6 level. However, if sellers capitalize on the recent increase to secure profits, Toncoin could correct and fall back to $3.8.