- Toncoin price has dropped 13% in the last 7 days with a growing liquidation pool at $4.51.
- Whaling activity increased by 8.8%, with net trade flows down 779%.
Toncoin (TON) has seen a significant decline over the past 24 hours, with its price dropping by 3.37% to around $4.69 at press time.
Over the past week, Toncoin has seen a more substantial decline of 13%, reflecting broader bearish trends.
What the price charts show…
Toncoin was falling from a critical resistance level at around $4.88 at press time. Historically, this level has proven crucial in preventing deeper declines.
However, with the recent weakening of its bullish momentum and a rejection from the key level around $4.88, the sentiment is turning bearish.
If the resistance level at $4.88 holds, we could expect a potential further decline to tap the liquidation pool at $4.51. Further bearish pressure could trigger a deeper correction towards the support level at $3.66.
A break below this key support would mark a bearish continuation.
Source: TradingView
Whale activity is on the rise
According to data from IntoTheBlock, a noticeable increase in whale activity is evident.
Toncoin’s large transactions have increased by 8.8% over the past 24 hours. This increased whale activity could signal institutional interest or significant selling, potentially influencing TON’s short-term volatility.
Source: IntoTheBlock
Conversely, net foreign exchange flows recorded a spectacular reduction of 779%.
This reduction indicates a significant outflow of Toncoin from exchanges, which generally suggests a more bullish sentiment as investors could move coins to cold storage, hoping for an eventual price recovery.
Source: IntoTheBlock
Toncoin Liquidation Pool Increases to $4.51
The liquidation heatmap reveals a growing liquidation pool at the $4.51 price level, with approximately 322,000 Toncoin currently at risk.
This suggests a potential influx of sell orders if Toncoin falls closer to this price, which could lead to increased downward pressure.
Source: Coinglass
The Stochastic RSI is currently indicating a possible bullish reversal, with the indicator moving towards the oversold zone.
Although a crossover has not yet fully materialized, market participants should watch for a potential bullish signal, which could trigger short-term buying momentum.
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Recovery or new decline for Toncoin?
Going forward, if Toncoin manages to hold above the key support, the next few quarters could see a gradual recovery.if whale activity continues and liquidation risks are mitigated.
However, further bearish sentiment could emerge if support fails to hold, leading to extended price declines to test lower supports.
