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Toncoin (TON) has joined the broader crypto ecosystem in its recovery mode, led by Bitcoin (BTC). As of writing time, the combined crypto market cap has registered a value of $2.32 trillion after jumping 3.56% in 24 hours. Beyond the recovery visible on-chain, Toncoin is now carving out a different growth path for itself with the help of its market whales.
Toncoin whales spark new optimism
According to data insights from IntoTheBlock, Toncoin’s large transactions jumped by 95.64% in 24 hours. With this uptick, the total volume registered comes in at $8.14 billion. The influence of TON whales becomes obvious when the volume is compared to the regular transaction volume of $165.09 million, per CoinMarketCap’s data.
Amid the revived optimism on the market, Toncoin scored a total of 1,950 large transactions worth above $100,000 in 24 hours. By volume, this metric comes in at approximately 1.59 billion TON, or $8.14 billion.
This boost has helped negate the negative trends within the Toncoin ecosystem. While still maintaining its place in the top 10 cryptocurrencies, the hype that pushed it upward is no longer in play.
After the subpar airdrop campaign of its biggest project like Hamster Kombat, users are waiting for the next big thing on The Open Network. With this sustained TON whale activity, the native coin may secure the boost to maintain its valuation.
TON price expectation
TON has recorded outstanding growth since it launched. As of writing time, its price is pegged at $5.025, down by 2.29% in 24 hours and by more than 3% in the past week.
With the sell-off of the past week, TON's Relative Strength Index (RSI) has a reading of 37, a figure close to the oversell region. With this, there is a potential rebound ahead, a development which, if registered, can see TON form support at $5 in a push for a more ambitious boost later.
With projections of a next big leap for the protocol, this rebound trend is confirmed.