Notcoin

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Toncoin

Over the past two months, the <a href="https://coingape.com/markets/toncoin-price-forecast-is-ton-recovery-heading-to-10-in-may/" target="_blank" rel="noopener">Toncoin (TON) price</a> surge has been remarkable, propelling the altcoin to become the ninth-largest cryptocurrency by market capitalization, surpassing Cardano in the process. As of the latest update, Toncoin is currently trading at $6.35, boasting a market capitalization exceeding $22 billion. 
<h3 id="toncoin-whale-activity">Toncoin Whale Activity</h3> 
According to CryptoQuant, transactions exceeding $1 million USD are dominating the on-chain volume of Toncoin (TON). Since Toncoin’s rise in 2024, there has been a marked increase in high-value transactions, signaling growing interest from large investors, or “whales,” and heightened network activity among these participants. 
<figure id="attachment_198710" aria-describedby="caption-attachment-198710" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-198710" src="https://coingape.com/wp-content/uploads/2024/05/Toncoin-TON-Whales.webp" alt="" width="1280" height="720" srcset="https://coingape.com/wp-content/uploads/2024/05/Toncoin-TON-Whales.webp 1280w, https://coingape.com/wp-content/uploads/2024/05/Toncoin-TON-Whales-300x169.webp 300w, https://coingape.com/wp-content/uploads/2024/05/Toncoin-TON-Whales-1224x689.webp 1224w, https://coingape.com/wp-content/uploads/2024/05/Toncoin-TON-Whales-768x432.webp 768w, https://coingape.com/wp-content/uploads/2024/05/Toncoin-TON-Whales-678x381.webp 678w, https://coingape.com/wp-content/uploads/2024/05/Toncoin-TON-Whales-150x84.webp 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-198710" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://cryptoquant.com/insights/quicktake/665090c621cb350988c8143e-Surge-in-High-Value-Transactions-on-TON-Network" target="_blank">CryptoQuant</a>
 </figcaption>
</figure> 
The surge in the number of these substantial transactions has significantly contributed to the rise in Toncoin’s price. Consequently, TON has emerged as a robust blockchain with substantial value transfer capacity and a steady increase in participation from major investors. 
The unveiling of Telegram’s latest venture, Stars, has sent ripples through the cryptocurrency market, significantly impacting Toncoin’s trajectory. Set to debut on June 12, Stars represents a bold move by <a href="https://coingape.com/toncoin-price-soars-3-amid-telegram-new-currency-announcement-heres-all/" target="_blank" rel="noopener">Telegram</a> to revolutionize transactions within its ecosystem. 
Designed as a digital currency for seamless purchases within bots and gadgets, Stars has captivated the cryptocurrency community, fueling anticipation and speculation. As news of Stars spreads, Toncoin has experienced a notable surge in price, reflecting the market’s positive reaction to this major development. Another major reason behind the Toncoin price rally has been the growing popularity of the Telegram game community token Notcoin (NOT). 
<h3 id="the-ton-price-action-ahead">The TON Price Action Ahead</h3> 
Toncoin’s price recently attempted to breach the $7.0 resistance but failed and fell back over the last ten days. As a result, TON dropped below the critical psychological support level of $6.5. A recent broader market rally briefly pushed the altcoin above this support, but it couldn’t sustain the momentum and fell to $6.2. 
This bearish sentiment will likely persist unless there is a change in investor behavior. Consequently, Toncoin could decline to test the $6.0 support level. If this support is lost, the <a href="https://coingape.com/markets/toncoin-price-forecast-hints-a-risk-of-25-double-top-pattern/" target="_blank" rel="noopener">TON price</a> could dip further to $5.4. 
<img decoding="async" class="aligncenter size-full wp-image-198713" src="https://coingape.com/wp-content/uploads/2024/05/TONUSDT.webp" alt="" width="850" height="380" srcset="https://coingape.com/wp-content/uploads/2024/05/TONUSDT.webp 850w, https://coingape.com/wp-content/uploads/2024/05/TONUSDT-300x134.webp 300w, https://coingape.com/wp-content/uploads/2024/05/TONUSDT-768x343.webp 768w, https://coingape.com/wp-content/uploads/2024/05/TONUSDT-150x67.webp 150w" sizes="(max-width: 850px) 100vw, 850px"> 
However, if Toncoin’s price holds above the $6.0 support level, it could rebound to $6.5. Turning this level into support could enable a recovery, potentially driving TON to $7, thereby invalidating the bearish outlook. 
The post <a href="https://coingape.com/toncoin-sees-whale-transactions-of-1-million-ton-price-rally-to-continue/">Toncoin Registers Whale Transactions of $1 Million, TON Price Rally to Continue?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Toncoin Registers Whale Transactions of $1 Million, TON Price Rally to Continue?

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