Coin Realm reports:
After breaking out of an ascending wedge pattern, Toncoin’s price fell by 20% within 48 hours. Large transactions decreased by 52%, indicating a potential whale retreat.
Toncoin [TON] has recently swept the cryptocurrency community with its price action. Since April 1st, TON has been consolidating in an ascending wedge pattern, creating tension for a potential breakout.
This moment arrived on July 4th but did not develop in the direction many holders had hoped for. TON’s price broke free from the predicament, only to fall a staggering 20%.
Significant Drop in Large Transactions
An analysis by AMBCrypto of IntoTheBlock data revealed a significant shift in large transaction activity. Following the price drop, the number of large TON transactions decreased by 52%.
This suggests that whales and institutional participants might retreat or reassess their positions based on market trends.
Social Volume Remains Strong
Research by AMBCrypto, using Santiment data on TON’s social volume, showed several spikes despite price fluctuations.
Thus, the Toncoin community continues to engage in discussions and shows interest in the project. Moreover, the ongoing social transaction volume may shield the impact of the price drop and maintain market awareness.
Active Users Stand Firm
Interestingly, active addresses did not show a significant decline, implying that major supporters and developers are not concerned about short-term price fluctuations.
This may indicate a strong belief in the project’s long-term potential, which could protect TON from further declines.
Read Toncoin’s [TON] Price Prediction for 2024-25
The significant price drop, reduction in large transactions, maintenance of social interest, and user activity indicate varied reactions to TON’s future.
If support levels fail to hold, the recent breakout from the ascending wedge could lead to further declines. However, continued community engagement provides a potential foundation for TON’s price recovery.