- Toncoin has started the month of October on a positive note with nearly a 1% price increase.
- There’s been a notable increase in whale activity and accumulation recently.
- Despite this activity, Toncoin’s price volatility has surprisingly decreased.
Toncoin’s recent market behavior indicates a promising outlook, with increased whale accumulation and reduced volatility suggesting a stable yet bullish trend.
Strong Start for Toncoin
According to COINOTAG’s analysis, Toncoin closed the previous month at approximately $7.6, reflecting a slight uptick of less than 1%. This positive momentum has carried into October, as the token is now trading around $7.7.
The token is edging closer to its all-time high of $8.1, which signifies a robust uptrend. The short moving average, represented by the yellow line on the chart, has continuously offered solid support, enabling Toncoin to stay on its upward path.
Further technical analysis through the Moving Average Convergence Divergence (MACD) indicator reveals somewhat mixed signals; while the MACD bars are below zero, which usually suggests bearish trends, the MACD lines are above zero, indicating bullish sentiments. This divergence could point to potential market volatility or a pivotal moment for Toncoin.
Reduced Volatility for Toncoin
A notable aspect of Toncoin’s recent performance is the reduction in volatility. Despite approaching its all-time high, the token’s volatility has been on a downward trend. Historical data from Santiment showed that the last significant spike in volatility was in March, reaching approximately 0.25%. Since then, volatility has dropped significantly to about 0.046%.
This reduced volatility indicates a period of price stability, potentially attracting long-term investors and lowering the risk of large sell-offs. Additionally, this stability may reflect a balanced market with equal buying and selling pressures.
Increased Whale Accumulation
Santiment’s supply distribution analysis sheds light on the increasing interest and accumulation by large-scale investors, particularly those holding between 10,000 and 100,000 TON tokens. Data indicates that towards the end of September, the number of whale wallets surpassed 150, reaching one of the highest points to date.
These whale investors have collectively accumulated over 45 million TON tokens, valued at approximately $346 million. This strategic buying behavior suggests a bullish outlook from these investors, likely expecting further price increases as Toncoin nears its all-time high.
Conclusion
Toncoin’s recent trends highlight a favorable outlook with increased whale accumulation, reduced volatility, and positive price movements. As it approaches its all-time high, the token appears to be on a stable upward trajectory, suggesting potential for continued growth. Investors should monitor these developments closely, considering the bullish sentiments from large-scale investors and the overall market stability.
