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05/25/2024

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TON Sees $1M Whale Transactions; Price Rally to Persist?

Toncoin has experienced a surge in whale activity recently, coinciding with its price hovering around $6.2. Analysts suggest that if Toncoin can maintain stability above $6.0, it could potentially lead to an upward rally in its price.

TON Sees $1M Whale Transactions; Price Rally to Persist?

Toncoin has experienced a surge in whale activity recently, coinciding with its price hovering around $6.2. Analysts suggest that if Toncoin can maintain stability above $6.0, it could potentially lead to an upward rally in its price.

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Over the past two months, Toncoin (TON) has seen a remarkable price surge, making it the ninth-largest cryptocurrency by market cap, surpassing competitors like Cardano. Currently, Toncoin is trading at $6.35, with a market cap exceeding $22 billion.

Toncoin’s Surge and Impact of Telegram’s Stars

Toncoin (TON) has seen a surge in transactions exceeding $1 million USD, according to CryptoQuant, indicating heightened interest from large investors and increased network activity among them since 2024.

Courtesy: CryptoQuant

This rise in high-value transactions has significantly boosted Toncoin’s price, solidifying its status as a robust blockchain with substantial value transfer capability and growing participation from major investors.

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The announcement of Telegram’s latest venture, Stars, set to debut on June 12, has had a profound effect on Toncoin’s trajectory. Stars aims to revolutionize transactions within Telegram’s ecosystem, designed for seamless purchases within bots and gadgets. This development has sparked enthusiasm and speculation within the cryptocurrency community, driving Toncoin’s price upward.

Additionally, the growing popularity of the Telegram game community token Notcoin (NOT) has contributed significantly to the Toncoin price rally, further fueling market optimism and interest.

Toncoin Price Analysis and Outlook

Toncoin (TON) recently attempted to break through the $7.0 resistance level but failed, leading to a decline over the past ten days. As a result, TON fell below the critical psychological support level of $6.5. Despite a brief rally in the broader market pushing the altcoin above this support, it couldn’t maintain momentum and dropped back to $6.2.

This bearish sentiment is expected to persist unless there is a shift in investor behavior. Consequently, Toncoin may test the $6.0 support level. Further downside could see the price dropping to around $5.4.

TONUSDT. Source: TradingView

However, if Toncoin manages to hold above the $6.0 support level, it could potentially rebound towards $6.5. Establishing this level as support might pave the way for a recovery, potentially pushing TON back towards $7 and negating the current bearish outlook.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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