bullish

Solana

Strong

Toncoin

Read

TON price is currently hovering around $6.79 but could continue climbing before it faces a tough hurdle. On-chain metrics suggest that Toncoin investors are accumulating the altcoin despite the recent crash.
Read more: <a class="animate-custom f-18 fw-7 text-decoration-none" href="https://coingape.com/markets/solana-price-analysis-210-target-remains-strong-amid-8-correction/" data-articleid="210466" rel="noopener noreferrer nofollow">Solana Price Analysis: $210 Target Remains Strong Amid 8%</a><a class="animate-custom f-18 fw-7 text-decoration-none" href="https://coingape.com/markets/solana-price-analysis-210-target-remains-strong-amid-8-correction/" data-articleid="210466" rel="noopener noreferrer nofollow"> Correction</a>
<h2 id="strong-ton-price-likely-to-bounce-strong">TON Price Likely to Bounce</h2>
<a rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/toncoin">TON price</a> rallied 301% between February 23 and June 15, setting up an all-time high (ATH) of $8.28. Since then, the Toncoin price has produced a string of lower highs, suggesting a decline in bullish momentum. In the past two weeks, the altcoin breached the $7.01 and $7.25 support zone into a resistance zone and set up a lower low on the daily time frame. These developments suggest that a downtrend could be around the corner for Toncoin holders.
Going forward, investors can expect a minor bounce from the current level of $6,79 into the aforementioned resistance zone. This move could push TON price up by 5% to 8%. Rejection at the hands of this recently flipped hurdle could be a good place to short Toncoin.
The <a href="https://coingape.com/glossary/rsi-relative-strength-index/#:~:text=(RSI)%20indicator%3F-,The%20relative%20strength%20index%20(RSI)%20is%20a%20momentum%20indicator%20that,size%20of%20recent%20price%20changes." rel="noopener noreferrer nofollow">Relative Strength Index</a> (RSI) has flipped the mean level 50, further confirming the bearish trend. The incoming bounce could push the RSI to retest the underside of the mean level, where it will likely face a reversal.
Depending on market conditions and selling pressure, TON could crash 13% to 17% to retest the next key support zone, extending from $5.90 to $6.23. If sidelined buyers do not show interest in accumulating TON at these levels, investors can expect a breakdown of this zone, knocking Toncoin price down to $5.17, the midpoint of the 300% rally noted in the first half of 2024.
<img decoding="async" class="aligncenter size-full wp-image-210506" src="https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-01_15-35-40-Large.jpeg" alt="TON/USDT 1-day chart" width="1280" height="714" srcset="https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-01_15-35-40-Large.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-01_15-35-40-Large-300x167.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-01_15-35-40-Large-1224x683.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-01_15-35-40-Large-768x428.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-01_15-35-40-Large-150x84.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
According to data from <a rel="noopener noreferrer nofollow" href="https://app.santiment.net/">Santiment</a>, whales holding between 10K to 100K and 100K to 1M TON have accumulated 670,000 tokens since June 15. Ideally, such a development is considered bullish and falls in line with the short-term bullish outlook noted from the technical standpoint, which forecasts that the TON price could rally 5% to 8%. However, investors should note that this metric should not be used as a standalone data point.
<img decoding="async" class="aligncenter size-full wp-image-210510" src="https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.10-01-Aug-2024.png" alt="TON Price vs. Supply Distribution" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.10-01-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.10-01-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.10-01-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.10-01-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.10-01-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.10-01-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.10-01-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
A closer look shows that roughly 5.3 million TON tokens are held on <a href="https://coingape.com/cryptocurrency-exchanges/" rel="noopener noreferrer nofollow">centralized exchanges</a>. This supply could be a potential selling pressure in dire market conditions. Investors could offload their tokens to prevent realizing massive losses. Hence, the long-term outlook of Toncoin price remains bearish.
<img decoding="async" class="aligncenter size-full wp-image-210530" src="https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.20-01-Aug-2024.png" alt="TON price vs. Supply on Exchanges" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.20-01-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.20-01-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.20-01-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.20-01-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.20-01-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.20-01-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Toncoin-TON-16.24.20-01-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
All in all, the long-term outlook for TON price remains bearish, and investors need to be aware of the risks. However, if Toncoin bulls overcome the $7.01 and $7.25 resistance zone and flip it into a support floor, it would invalidate the bullish thesis.
Such a development could see TON price attempt a 13% rally to retest the ATH of $8.28$7.01 and $7.258.
The post <a href="https://coingape.com/markets/ton-price-plummets-18-whales-buy-5m-worth-rebound-or-crash/" rel="noopener noreferrer nofollow">TON Price Plummets 18%, Whales Buy $5M Worth, Rebound or Crash?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

TON Price Plummets 18%, Whales Buy $5M Worth, Rebound or Crash?

Table of Contents

Coingape News Media

Other articles published on Aug 1, 2024

Avalanche Price Analysis: 21% Crash Risk Despite Bullish Fundamentals

Investors Bullish On DeFi Tokens As Polygon (MATIC) Hits New Highs, ETFSwap (ETFS) And Near Proto...

Greenidge Generation’s Strategic Shift: Retaining Bitcoin for Growth

BlackRock Sees Low Demand for Other Cryptos Other Than Bitcoin and Ethereum

The deadline given by CMB to Cryptocurrency Exchanges expires tomorrow! First Application Arrived!

Massive Token Unlocks Coming in August: Will Prices Crash?

Join our free newsletter for daily crypto updates!