Toncoin (TON) has witnessed significant whale activity over the past week, with large holders seizing the opportunity to buy during recent price dips. This surge in purchasing has contributed to a 2% increase in its trading price, which currently stands at $5.34, along with a notable 20% rise in trading volume.
According to data from IntoTheBlock, the netflow of large holders has seen a remarkable 124% increase in the last seven days, indicating that whales are actively accumulating Toncoin. Large holders are defined as those addresses that possess over 0.1% of the circulating supply of an asset.
The increase in whale activity has positively influenced Toncoin's price, with a significant ratio of transactions yielding profits. Currently, for every transaction that ends in a loss, there are 3.61 that result in profits, marking a bullish signal for investors.
Despite the positive outlook, the potential for profit-taking poses risks. Increased selling pressure from investors aiming to realize gains could reverse recent price increases, ultimately threatening Toncoin's upward momentum.
Should demand continue to rise, Toncoin's price could surge by 27%, potentially reaching $6.81. This level has proven challenging to surpass since June. Conversely, if profit-taking leads to more selling, the price could drop by 18%, potentially falling to $4.42.
