- Over the last 24 hours, TON recorded a 6.62% increase following a public statement from Toncoin’s founder, Pavel Durov.
This upward trend may be short-lived, as whales have yet to show increased buying activity.
As a seasoned analyst with over two decades of market observation under my belt, I must say that the recent surge in Toncoin [TON] is indeed intriguing but requires a cautious approach. While Pavel Durov’s public statement has undeniably sparked renewed interest and optimism, it is essential to keep an eye on the behavior of whales, who hold significant sway over the market dynamics.
toncoin’s [TON] current state serves as a reminder to exercise caution: in the last month, it has seen a significant drop of 16.03%, and just last week, there was a decline of 10.43%.
Founder’s public statement spurs Toncoin
Following his arrest by French officials on the 25th of August, Pavel Durov, creator of the Telegram-linked cryptocurrency, issued his initial public response, denying accusations that Telegram functioned as a “lawless utopia.
According to the statement, Durov asserted that the platform is,
Motivated with a goal to foster goodness and safeguard fundamental human rights, especially in regions where they’re frequently disregarded.
After the arrest, this announcement led to a 6.62% increase in TON‘s price over the next 24 hours, partially counteracting the 20% decrease that AMBCrypto reported had happened instantly after the news about his imprisonment was made public.
The impact of Durov’s remarks extended beyond its price fluctuations. Market confidence seemed to solidify, as evidenced by metrics like Open Interest (OI) and liquidation volumes.
The number of open, yet unresolved derivative contracts, primarily in futures, saw a 7.57% rise, as reported by Coinglass.
New investments are flowing into the market, potentially prolonging the upward trend in prices. Currently, TON is being exchanged for approximately $4.88 per unit.
According to Coinglass, approximately $646,980 worth of short positions were compulsorily closed due to failing to maintain the necessary margin levels as prices increased, out of a total of over $872,410.
This large-scale liquidation showed the positive market sentiment post-statement.
Maintaining such optimism could lead retail investors to boost TON‘s price further as new developments emerge. Nonetheless, AMBCrypto’s examination indicates that a prolonged increase in TON’s value has not been definitively established yet.
Whales remain on the sideline
Although there’s been some fluctuation in the market recently, those holding large quantities of TON (referred to as ‘whales’) have yet to demonstrate significant trading activity.
According to findings from IntoTheBlock, there has been a significant decrease in the number of large transaction activities. The data shows a drop from approximately 1,790 to only 1,030 transactions.
A decrease in significant trades, often performed by ‘whales’, implies that these key players are uncertain or hesitant regarding the future direction of TON‘s market rebound.
Additionally, it’s worth noting that the total count of actively involved market participants, as indicated by Active Addresses and New Addresss, stayed relatively low, suggesting a widespread reluctance among users to interact with TON.
This lack of engagement could negatively affect the market’s dynamics.
If these crucial figures don’t show significantly increased involvement, it seems that the eagerly awaited rally by retail traders might remain elusive for TON.
Key movements for TON
Recently, TON has experienced a substantial shift, currently trading above the neckline, which served as support in the head and shoulders pattern it formed – a development that was earlier considered a bearish sign.
Read Toncoin’s [TON] Price Prediction 2024–2025
If the neckline at $4.8178 holds strong as a support level again, it might set up TON for a potential price increase. Following the Fibonacci retracement, the next possible peak could reach $5.0832.
If this support level doesn’t hold up, it’s possible that TON might extend its weekly slide. The digital coin could drop as low as the $4.5154 or $4.3577 support points, areas where there seems to be a significant group of buyers waiting.
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2024-09-06 21:12