Toncoin (TON) Price Rises 27% as Whale Investors Add $30M Position

TLDR:

• TON price surged 27% since November 21, reaching $6.2
• Whale investors acquired 459,980 TON (~$30M) over 4 days
• 32.64% of TON addresses are currently profitable
• Large leveraged positions face liquidation risks at $5.85 and $6.32
• Price movement follows the confirmation of Gary Gensler’s exit from SEC

Toncoin (TON) price has increased by 27% since November 21, 2024, opening at $6.2 on Monday. This price surge coincides with large-scale purchasing activity from whale investors, who have acquired 459,980 TON tokens, valued at approximately $30 million.

The recent price movement began following the confirmation of SEC Chair Gary Gensler’s exit, marking a notable shift in market dynamics. The cryptocurrency broke through a descending triangle pattern, indicating a change from bearish to bullish sentiment in the market.

Data from blockchain analytics platforms shows that whale wallets controlling at least 0.1% of TON’s circulating supply have substantially increased their holdings.

The most notable single-day activity occurred on November 23, when whales acquired 262,580 TON, worth approximately $1.7 million – the highest single-day inflow recorded in 63 days.

The current market structure shows several key price levels that traders are watching closely. Large leveraged positions face potential liquidation at $5.85 and $6.32, with $915,000 and $701,000 at stake respectively. These liquidation levels could act as either support or resistance points, depending on market momentum.

Technical indicators present a mixed picture of the market situation. The MACD has confirmed a bullish crossover, suggesting potential for continued upward movement. Additionally, the widening Bollinger Bands indicate increased price volatility, with TON trading near the upper band at $6.15.

On-chain metrics reveal that 32.64% of TON addresses are currently “In the Money,” representing 298,000 profitable addresses. A larger portion, 66.71% of holders, are at their break-even point, while only 0.65% are currently at a loss. This distribution suggests minimal immediate selling pressure from underwater positions.

The recent price surge follows a challenging period for TON. In August 2024, the cryptocurrency experienced a 20% decline after TON founder Pavel Durov’s arrest in France over allegations related to the Telegram messaging app. While Durov has since been released, TON’s price had struggled to reclaim the $6 level until this recent movement.

Market participants are closely monitoring the $6.20 price level, as sustained trading above this point could support further upward movement. The Volume Delta indicator has turned positive as prices rebounded above $6, suggesting renewed buying momentum.

The $5.45 level has emerged as a crucial support zone, corresponding to the mid-Bollinger Band. Market analysts suggest that a break below this level could challenge the bullish market structure and potentially lead to a retest of $4.67 support.

Between November 21 and November 24, whale activity has shown consistent accumulation patterns. This sustained buying pressure from large holders often precedes extended price movements, as retail traders frequently follow whale trading patterns.

The liquidity map reveals concentrated areas of trading activity, with distinct bands indicating zones where price action could experience increased volatility. These areas typically attract higher trading volume as market participants position themselves around key price levels.

Current market data shows that TON has maintained trading volumes above recent averages, indicating sustained interest from market participants. The increased activity coincides with the broader market’s reaction to regulatory developments.

The cryptocurrency’s technical setup shows a break from its previous trading range, with price action establishing new support levels. Trading volumes have supported the recent move, suggesting genuine market participation rather than temporary price speculation.

Recent data indicates that institutional interest in TON has increased, with multiple large transactions recorded on major exchanges. These movements often signal shifting market sentiment among professional traders and investment firms.

Market makers have adjusted their positions in response to the increased whale activity, leading to changes in market depth and liquidity profiles across major trading venues. This adaptation in market structure often precedes sustained price movements.