.png){kind=logo}
Data from IntoTheBlock show a surge in whale activity for TON. Large transaction volume commonly associated with institutional players and wealthy individuals surged by over 306%. This surge brought the total volume of large transactions to $9.7 million equivalent to 1.3 million TON tokens.
Japanese crypto exchange OKcoinJapan also recently announced the listing of TON expanding its reach in the Asian market. This move could most likely bring more investors and liquidity to the token.
Looking at the technicals, TON price action has been mainly bullish in recent weeks. After touching a low of $4.60 at its ascending trendline the token surged by 80% to test a new all-time high of $8.28 on June 15th. While there was a brief pullback the price is once again pushing towards new highs.
Looking at key technical indicators the daily RSI currently sits at 57 indicating building bullish momentum. There's still room for further uptrend before reaching overbought conditions.
While currently bearish with the MACD line below the signal line a bullish crossover appears likely to happen. This could signal a potential trend reversal and further price appreciation.
Several metrics also show a positive picture for TON. According to IntoTheBlock 90% of TON holders are currently in profit at the current price with only 3% at a loss. This high profitability rate often correlates with holder confidence and reduced selling pressure.
The TON blockchain has also seen an increase in TVL reaching a new all-time high of $678.79 million. This represents an increase from $156.59 million just two months ago on April 27th. Rising TVL often indicates growing confidence in a network's DeFi ecosystem.
TON technical indicators suggest a bullish outlook after looking at price prediction from CoinCodex. However the Fear & Greed Index reading of 40 indicates some market fear which could present buying opportunities for the other investors.
In the last 30 days TON has shown a price volatility of 6.51% with 15 out of 30 days (50%) seeing positive price action.
CoinCodex price prediction displays uptrend potential. Their forecast suggest 227.52% gain with the price hitting $24.82 by 27th July 2024. While such predictions should be taken with caution they also reflect growing optimism surrounding the token.
