In the past two weeks, Toncoin has been among the top-performing altcoins. Its fluctuations are intriguing, especially regarding whale activity.
Toncoin Market Activity
Toncoin achieved a 55% increase from its lowest point this month. Currently, it's priced at $3.67, back to a level seen in February when lateral movement and uncertainty were dominant. The question remains whether bulls can sustain their momentum or yield to the bears.
Whale Movements in Toncoin
At the time of observation, Toncoin was not overbought, yet large holders had sold over $27 million worth, with net flows of -7.55 million coins. This could trigger additional selling pressure and a bearish pivot, especially given higher market volatility.
Betting on Toncoin
On the derivatives market, Toncoin shows positive trends with a 2.4% increase in open interest and an 8.12% rise in volumes. However, funding rates became negative in the last 24 hours, signaling an increase in short positions and anticipated downside. Long-term prospects for Toncoin remain bullish, particularly with the network’s growth over the last year and the launch of a new DEX platform. Despite a current 55% drop from its all-time high, the project continues to draw interest.
Toncoin's whale activity could impact its price, but despite recent changes in sentiment and rates, the long-term outlook for Toncoin stays optimistic. It will be essential to watch large market players and the TON ecosystem's development.
