Toncoin (TON) is moving in a positive direction, with the general market trend turning from bearish to bullish. According to CoinMarketCap, as of Saturday, April 11, the TON price has surged by 3.05% over the last 24 hours but surged by 4.94% over the last week.
At the time of writing, TON is trading at 1.30, with a trading volume of $112.18 million, which has dipped by 23.87% over the last 24 hours. However, its market capitalization stands at $3.22 billion, which is up by 3.11%.
Source: CoinMarketCap
Also Read: Toncoin (TON) Tests $1.10 Support As Bulls Eye $1.70–$2.30 Range
TON Whales Accumulate 189K TON in Past Three Months
However, the crypto analyst CryptoBusy pointed out that whales holding Toncoin have accumulated 189,730 TON over the past three months, even as prices fell sharply across the market.
On-chain data shows consistent buying during weakness, suggesting strategic positioning rather than short-term trading. This accumulation trend contrasts with retail sentiment, which remained largely cautious and risk-averse throughout the same period in recent weeks overall.
Source: CryptoBusy’s X Post
Although this build-up is generally regarded as a sign of bullish sentiment, it does not ensure an immediate turnaround.
It could very well be that these large holders are preparing for the long run, possibly planning to capitalize on potential growth in the ecosystem, stake rewards, or even expand their presence in the TON ecosystem.
TON Eyes Breakout Above Key Moving Averages
Following this whale accumulation, a strong bullish pattern can be observed in TON as the price rises to $1.3045.
According to TradingView analysis, following a consolidation phase around the $1.21 support zone, the token succeeded in breaking above all the important exponential moving averages, notably the 200 period EMA. This indicates that the downtrend pattern is wearing out.
Source: TradingView
In addition to the price move, the MACD also gives out a significant bullish crossover with rising green histogram bars, indicating rising momentum.
The trading volume has also increased as the price approaches the resistance at $1.34. In case TON can maintain its level above the $1.27 support level, then technically speaking, the price should keep climbing towards its previous highs for the year.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Toncoin Price (TON) Eyes 28% Surge Amid Bearish Pressure
