Toncoin: Examining what the future holds after TON’s 20% dip

  • Toncoin’s price dipped 20% in 48 hours after breaking out of a rising wedge pattern.
  • Large transactions reduced by 52%, suggesting a potential whale retreat.

Toncoin [TON] has taken the crypto community by storm with its recent price action. TON has been consolidating in a rising wedge pattern since the 1st of April, building tension for a potential breakout.

That moment arrived on the 4th of July, but not in the direction that many holders had hoped. TON’s price broke free from the wedge, only to dip by a staggering 20%.

TONUSD 2024 07 05 13 22 40 aa200

Source: TradingView

Large transactions take a dive

AMBCrypto’s analysis of data from IntoTheBlock revealed a significant shift in large transaction activity. The number of large TON transactions has declined by 52% following the price drop.

This suggested that whales and institutional players may be stepping back or evaluating their positions in light of the market movement.

large transaction vol 52large transaction vol 52

Source: IntoTheBlock

Social volume stays strong

AMBCrypto’s look at TON’s Social Volume via Santiment indicated several spikes despite the price fluctuations.

So, the Toncoin community continued to engage in discussions and show interest in the project. Also, the sustained Social Volume could potentially shield the impact of the price drop and maintain market awareness.

Toncoin TON 12.48.15 05 Jul 2024Toncoin TON 12.48.15 05 Jul 2024

Source: Santiment

Active users stand firm

Interestingly, the Active Addresses have not seen a significant decline, meaning that major supporters and developers were not worried by short-term price fluctuations.

This may indicate a strong belief in the project’s long-term potential, which could shield TON from further dips.

Toncoin TON 12.48.06 05 Jul 2024Toncoin TON 12.48.06 05 Jul 2024

Source: Santiment

Read Toncoin’s [TON] Price Prediction 2024-25

A sharp price drop, reduced large transactions, maintained social interest, and user activity indicated mixed reactions for TON’s future.

The recent breakout from the rising wedge could lead to further downside if support levels fail to hold. However, the maintained community engagement provided a potential foundation for TON’s price recovery.

Next: 1 billion Bitcoin options set to expire as whales sell off: What’s next?

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