In an effort to stabilize Toncoin's price, cryptocurrency whales have significantly increased their holdings, purchasing large volumes of TON to prevent its value from slipping below $4. This influx of buying pressure has provided the altcoin with a much-needed buffer against potential decreases.
According to data from IntoTheBlock, during the past week, the netflow of Toncoin's large holders surged by 44%. Large holders control around 1% of a token's total circulating supply, and their actions often influence price movements. The accumulation of 13.83 million tokens, valued at $72 million, suggests a potential increase in bullish momentum.
Additionally, the Coins Holding Time for Toncoin has risen, indicating a growing confidence among holders in generating favorable returns. A longer holding time signals that investors anticipate potential price increases, thus reducing selling pressure.
Currently, Toncoin's price is approximately $5.13, but strong support at $5.05 suggests that a significant correction may be unlikely. If buying pressure continues, the price could rise to $5.80, encountering some resistance before potentially reaching $6.75.
However, if bearish trends prevail, TON may face challenges in maintaining current levels and could drop below $5. The actions of whales and market support dynamics will be crucial in determining Toncoin's short-term trajectory.
