Toncoin Whale Activity Surged by 376%
The market is recovering from this week's bearish trend. Experts have noticed a sharp increase in Toncoin whale activity.
IntoTheBlock data showed an impressive 376% increase in Toncoin whale activity. The impressive growth in transaction volume occurred amidst the falling price of the coin.
Over the past 7 days, Toncoin has fallen by 4.5%. However, the coin grew by 6% over the course of the day. During the same period, the volume of whale transactions with Toncoin totaled $12.42 million, highlighting a 376% growth.
On June 15, the coin managed to reach a new all-time high of $8.24, and it seems that since then, the bulls have taken a break before a new run. This is indicated by the MVRV indicator in the short-term. On a monthly basis, the MVRV indicator indicates a possible price jump.
The RSI index, which is in the range of 33.25-36.19, indicates oversold, which also signals a possible uptrend for the coin's price soon. Meanwhile, the MACD indicator is slightly below the zero level, indicating a bearish sentiment.
Interestingly, analyst Ali Martinez gives a more positive outlook. In his opinion, the coin can grow up to $11.
Overall, the TON ecosystem continues to be resilient. According to DeFi Lama, the current TVL of the ecosystem is more than $940 million, which puts it in 11th place among all networks.
