Toncoin Whales Buy 120K Tokens as Price Eyes 20% Rally Toward $4.21
Toncoin (TON) rose 1% on Wednesday, following Tuesday’s 5% gain, after a short consolidation period. The rally is backed by a big...
Quick overview
- Toncoin (TON) rose 1% on Wednesday, following a 5% gain on Tuesday, driven by significant whale accumulation of 120,000 TON in July.
- The increase in whale holdings to 5.61 million TON indicates growing institutional interest, which may signal potential market rallies.
- Derivatives data shows a 12.55% rise in Open Interest, suggesting strong demand for TON futures and options.
- Technically, Toncoin is targeting key resistance levels, with bullish momentum indicated by recent price movements and trading volume.
Toncoin (TON) rose 1% on Wednesday, following Tuesday’s 5% gain, after a short consolidation period. The rally is backed by a big increase in buying from large holders (whales) who have accumulated 120,000 TON so far in July, according to Santiment. This has brought their total holdings to 5.61 million TON, a sign of growing institutional interest in the asset.
At a time when sentiment is mixed, this whale activity could be a precursor to more upside. Historically, whale accumulation precedes broader market rallies as their activity influences smaller traders and triggers follow-on buying.
Derivatives Data Points to Rising Demand
Derivatives also support the bullish case. According to CoinGlass, Toncoin’s Open Interest (OI) rose 12.55% in the last 24 hours to $344.57 million. This is close to the all-time high of $362.85 million set on August 26, 2024, and shows a lot of capital flowing into TON futures and options markets.
Other bullish signs:
- OI-weighted funding rate at 0.0060%, buyer dominance
- Consistent increase in trading volume and liquidity
- Strong long demand on positive momentum
This means traders are positioning for more upside and bulls are willing to pay to hold their positions, which is a sign of growing conviction.
Toncoin Targets Key Resistance
From a technical perspective, Toncoin has broken above a short-term trendline, bounced off the 100-day EMA and is heading for the 200-day EMA at $3.551. The RSI is at 63, which is high but still within a range that allows for more upside before it gets overbought.
However, the MACD is showing a potential reversal as the MACD line approaches the signal line. This means while the momentum is still bullish, it may weaken if the 200-day EMA holds.
Key Levels to Watch:
- Bullish trigger: Above $3.551 (200-day EMA)
- Target: $4.21 resistance (20% from current levels)
- Stop: $3.176 (100-day EMA)
Buy on confirmation above 200-day EMA
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