- Toncoin’s price dipped 20% in 48 hours after breaking out of a rising wedge pattern.
- Large transactions reduced by 52%, suggesting a potential whale retreat.
Toncoin [TON] has taken the crypto community by storm with its recent price action. TON has been consolidating in a rising wedge pattern since the 1st of April, building tension for a potential breakout.
That moment arrived on the 4th of July, but not in the direction that many holders had hoped. TON’s price broke free from the wedge, only to dip by a staggering 20%.
Source: TradingView
Large transactions take a dive
AMBCrypto’s analysis of data from IntoTheBlock revealed a significant shift in large transaction activity. The number of large TON transactions has declined by 52% following the price drop.
This suggested that whales and institutional players may be stepping back or evaluating their positions in light of the market movement.
Source: IntoTheBlock
Social volume stays strong
AMBCrypto’s look at TON’s Social Volume via Santiment indicated several spikes despite the price fluctuations.
So, the Toncoin community continued to engage in discussions and show interest in the project. Also, the sustained Social Volume could potentially shield the impact of the price drop and maintain market awareness.
Source: Santiment
Active users stand firm
Interestingly, the Active Addresses have not seen a significant decline, meaning that major supporters and developers were not worried by short-term price fluctuations.
This may indicate a strong belief in the project’s long-term potential, which could shield TON from further dips.
Source: Santiment
Read Toncoin’s [TON] Price Prediction 2024-25
A sharp price drop, reduced large transactions, maintained social interest, and user activity indicated mixed reactions for TON’s future.
The recent breakout from the rising wedge could lead to further downside if support levels fail to hold. However, the maintained community engagement provided a potential foundation for TON’s price recovery.
Credit: Source link
