The altcoin Toncoin (TON) has experienced an incredible price spike over the last two months, overtaking Cardano to become the ninth-largest cryptocurrency by market value. According to the most recent report, Toncoin has a market capitalization of more than $22 billion and is trading at $6.35.
Whale Activity using Toncoins
According to CryptoQuant, Toncoin (TON) ‘s on-chain volume is dominated by transactions over $1 million USD. High-value transactions have increased significantly since Toncoin’s surge in 2024, indicating greater interest from major investors, or “whales,” and increased network activity among these participants.
The price of Toncoin has increased dramatically as a result of the sharp increase in these large transactions. As a result, TON has developed into a strong blockchain with a large capacity for value transfer and a steady rise in the involvement of significant investors.
The cryptocurrency market has been shaken by the announcement of Telegram’s newest project, Stars, which has had a big impact on Toncoin’s trajectory. Stars, which will launch on June 12, is Telegram’s daring attempt to transform transactions inside its ecosystem.
Stars have captured the attention of the cryptocurrency world and stoked speculation. It was created as a digital currency for easy purchases within bots and devices. Toncoin’s price has increased significantly as word of Stars has spread, indicating the market’s favourable response to this significant development. The rising demand for Notcoin (NOT), the Telegram gaming community currency, has been an important contributing factor to the recent increase in Toncoin prices.
The Future Price Action of tonnes
Over the past ten days, the price of connection has sought to rise over the $7.0 resistance but has fallen short. Consequently, TON fell below the $6.5 crucial psychological support threshold. The altcoin momentarily rose above this level because of a recent surge in the broader market, but it was unable to maintain the impetus and dropped to $6.2.
Until investment behaviour changes, this pessimistic sentiment will probably remain. As a result, Toncoin might drop and test the $6.0 support level. Should this support be broken, the price of TON could drop to $5.4.
However, Toncoin’s price can rise to $6.5 if it stays above the $6.0 support level. If this level is turned into support, TON might increase, reaching $7, and the bearish prediction would be refuted.
