Toncoin Price Analysis: 100% of TON Holders Now in Profit after 80% Rally in 45-Days

Ibrahim Ajibade
Published: Jun 16, 2024, 00:00 GMT+00:00

Key Points:

  • Toncoin (TON) price soared to another peak of $8 on Friday June 14, its third all-time-high this week.
  • Toncoin's 1,000 largest investors have acquired another 180,000 TON in the last 48-hours.
  • With other top crypto assets currently struggling for traction, TON is well-placed to claim the $10 milestone in the days, as 100% of current holders are in profit and likely unwilling to sell.
Toncoin (TON) price forecast

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Toncoin price reached a new all-time for the 3rd consecutive day running as TON price reached $8.28 on Saturday, June 15, a recent demand surge observed among whale investors could trigger even more upside.

Toncoin Price Hits New All-Time High for 3rd Consecutive Day

The broader crypto market has been stuck in a consolidation phases amid hawkish macro economic indices release by US authorities in the past week.

But interestingly, few altcoins including Toncoin (TON) and Uniswap (UNI) have defied the bearish headwinds to claim double-digit gains within the 7-day timeframe.

As FXEmpire initially reported during the week, the ongoing TON Price rally appears to have been sparked by increased network adoption amid new innovative Social trading, and Artificial Intelligence projects springing up within the Telegram-powered Toncoin blockchain ecosystem.

Toncoin Price Action (TON/USD) | TradingView
Toncoin Price Action (TON/USD) | TradingView

As the network growth spurt intensified this week, Toncoin price has set a remarkable record. On Saturday June 15, Toncoin price reached a new global peak of $8.23, marking a new all-time high in each of the last 3 consecutive trading days.

Zooming out, the chart above shows the TON price rally began as far as May 1.  Over the last 45-days, the bulls have managed to stage an 80% rally despite the testy macro economic landscape.

Top 1,000 Largest Investors Spotted Buying another 180,000 TON

Effectively, 100% of all existing Toncoin investors have been catapulted into profit positions. And with other mega cap rival crypto assets stuck in a consolidation phase after the US Fed rate pause, Toncoin investors have no incentive to sell within current market dynamics.

On-chain data shows that the largest investors within the Toncoin ecosystem have been doubling-down on their bullish positions with fresh purchases in the last 48 hours.

Toncoin Price vs. Amount on TON held By Top 1,000 Wallets | Santiment
Toncoin Price vs. Amount on TON held By Top 1,000 Wallets | Santiment

The chart above shows how the Top 1,000 largest wallets had descended into a 240,000 TON selling frenzy, cutting their cumulative balances to 6.02 million when Toncoin price first reached an all-time high on June 12.

But without any mega cap assets offering more profitable short-term opportunities, the Toncoin whales have been spotted hopping back on the wagon.

Since June 12 Toncoin’s 1,000 largest investors have acquired 180,000 TON, bringing their cumulative wallets balances to 6.2 million at the time of writing on June 15.

Valuing the newly-acquired 180,000 TON at the current price of $8, the whales have effectively invested another $1.4 million in the last 48 hours.

This increase whale demand in the last few days has evidently contributed to persistent rally.

Toncoin Price Forecast: $10 Target in Firm Focus

The Toncoin price rallying to yet another all-time high on June 15 has been attributed to resurgent whale demand observed in the last 48 hours. But more importantly, it could now reinforce confidence among other strategic retail traders that the Toncoin price rally may not be over yet, despite having clocked new all-time highs in 3 consecutive days.

If this scenario plays out, and majority of current TON current continue to hold their positions, the rising demand could send Toncoin price above the $10 milestone for the first time since inception.

Toncoin price forecast | TON/USD 
Toncoin price forecast | TON/USD

In terms of short-term resistance, the upper-band Bollinger band indicator highlights that bulls can only extend the rally to the next phase if Toncoin price can establish a steady support base above the $8.12 territory.

But if the rally retraces from that $8.12 sell-wall, the bulls must then defend the $7.05 support level to avoid losing control of the short-term Toncoin market momentum.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.

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