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Toncoin All-Time High Hit at $7.50 With 100% Addresses Profitable Possibly Enticing New Buyers

Last Updated June 5, 2024 2:49 PM
Nikola Lazic
Last Updated June 5, 2024 2:49 PM

Key Takeaways

  • Toncoin briefly hit a new all-time high of $7.86.
  • Whales actively influenced prices with significant transactions.
  • Social sentiment remains bullish, forecasting further price movements.

Today, June 5, the price of Toncoin came slightly above its all-time high and made a new one of $7.86. Although it did so briefly, falling to $7.25, where it currently trades, this resulted in a 100% profitability among the tracked addresses, per data shown on IntoTheBlock. 

Will this mingle with its peak, induce a new buying round, or have those who intended to do so already done so? 

TON On-chain Data

The money graph  below shows that all 20,57k addresses tracked by ITB are “in the money” at $7.30. Of those, only 791 addresses have bought around $7 with a total volume of 233k TON. 

TON
In/Out Money | Source: IntoTheBlock

This one-sidedness could indicate that investors have allocated all the capital they intended, but it doesn’t show those still sitting on the sidelines. 

TON
Large transactions | Source: IntoTheBlock

Looking at the large transaction data , we can see a surge in transactions over $100,000 from 8 txs on June 1 to a high of 52 txs on June 3. This suggests that whales have been actively participating in the price increase from the start of June, driving the price up with their purchases. 

This number diminished since its June 3 peak but is still sitting relatively high at 31 txs today. 

TON
Whale transaction count | Souce: Santiment

Cross-referencing this data with the whale transaction count  from Santiment, which gives a more precise picture, we can spot that whales were the most active on June 3, as the data above also shows. 

Today’s price spike, however, wasn’t caused by larger purchases. Looking at the brother picture, they were active throughout this period when TON first reached and later neared its all-time high. 

TON
Social sentiment | Source: Santiment

Lastly, TON’s social sentiment  looks bullish, with its last spike on May 31 foreshadowing the following price rise. Both social dominance and social volume peaked on June 3, and it is believed that today will end with a new one due to TON reaching an all-time high. 

TON Price Analysis 

TON reached an all-time high on April 12. Following this high, TON saw a significant downturn, dropping 40% to a low of $4.60 by May 1.

TON
TONUSD | Credit: Nikola Lazic/Tradingview

 

The 4-hour chart showed the Relative Strength Index (RSI) falling to 36%, nearing oversold territory, which hinted at a possible reversal. This was followed by a new upward movement, marking the beginning of what appears to be a five-wave uptrend. However, the future holds two potential outcomes.

Either TON started its next major uptrend, the rise from May 1 being its first sub-wave, or this uptrend is part of its larger corrective phase, leading to lower values than on May 1. 

In both cases, the rise is over for now, with a near-term target of $5.70 at the 0.618 Fibonacci level. The 4-hour chart came to the overbought zone at 81% today, the second time in two days. In addition, today’s spike didn’t have the strength to exceed its horizontal resistance and fell quickly as it rose on the interaction. 

However, if the price stays above $5.70 during the expected downturn, the bullish outlook will remain, and we could see TON reach values above $8. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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