In a bold move to prevent Toncoin’s (TON) price from sliding further, crypto whales have stepped in to buy the cryptocurrency in large volumes. This influx of buying pressure comes after several instances where Toncoin appeared poised to drop to the $4 mark.

But over the last few days, bulls have ensured that the altcoin does not go below that threshold. With whales now in the picture, here is what could be next for TON.

Whales Scopp Over 13 Million Toncoin

According to IntoTheBlock, Toncoin’s large holders’ netflow surged by 44% over the past seven days. In the crypto space, large holders are addresses that control approximately 1% of a token’s total circulating supply. 

These major stakeholders often exert significant influence on price movements. When large holders’ netflow decreases, it signals that whales are selling more of the asset than they are purchasing. 

However, in Toncoin’s case, these holders accumulated roughly 13.83 million tokens on October 16, valued at over $72 million at the current price, indicating potential bullish momentum for the altcoin.

Read more: Top 9 Telegram Channels for Crypto Signals in October 2024

Beyond the increase in large holders’ netflow, Toncoin’s Coins Holding Time has also risen. This metric tracks how long a cryptocurrency has been held without being sold. A longer holding time often reflects growing confidence that the asset will generate favorable returns.

When the holding time decreases, it usually signals potential selling pressure, which could lead to a price drop. However, an uptick in holding time suggests that most holders are refraining from selling, which can strengthen buying momentum and raise the likelihood of a price hike.

TON Price Prediction: Eyes Above $6

A look at the daily chart shows that Toncoin’s price is $5.13. Although the current value is decreasing, BeInCrypto noticed strong support at $5.05. This support, which has historically prevented TON from undergoing a significant correction, could become vital again.

As it stands, TON’s price is unlikely to drop below this region. If that happens, the next move for the Telegram-native coin could be a run toward $5.80. But at $5.80, the altcoin might experience some level of resistance that might want to push it back.

However, if buying pressure continues to increase, Toncoin might successfully breach this zone, and its value might climb to $6.75. 

Read more: 6 Best Toncoin (TON) Wallets in 2024

However. in a case where bears force a rejection, TON might not reach this point. Instead, the cryptocurrency might decline below the $5 mark.

Bitcoin’s price recently experienced a surge, pushing it to a near three-month high. This rally has brought Bitcoin closer to its all-time high (ATH), sparking renewed optimism among traders and investors. 

However, despite this momentum, the presence of large whale transactions and substantial profits suggests a possible market drawdown, putting Bitcoin’s bullish outlook in jeopardy.

Bitcoin Is the Talk of the Town

Santiment’s latest data reveals a significant increase in whale transactions, with Bitcoin transactions over $100,000 reaching a 10-week high. This surge in whale activity often signals a shift in market behavior, as large holders are known to influence price movements by either accumulating or offloading their assets. Currently, the heightened volume of whale transactions is raising concerns about a potential price correction.

At the same time, Bitcoin’s dominance in social media conversations has grown substantially, accounting for 25% of all crypto-related discussions. This trend indicates a shift in attention away from altcoins, with many traders focusing on Bitcoin’s performance. Historically, when Bitcoin captures such a large share of the crypto spotlight, it often precedes market volatility, heightening the likelihood of a drawdown.

“Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO. However, with mid and long term metrics still looking bullish, any price correction would likely be a short one,” said Santiment.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bitcoin’s macro momentum paints a similarly cautionary picture. At present, 95% of Bitcoin’s circulating supply is in profit, a statistic that has historically aligned with market tops.

When the majority of holders are in profit, selling pressure often increases, leading to downward price corrections. This scenario has unfolded in previous market cycles and appears to be repeating itself, suggesting that Bitcoin may be approaching a near-term peak.

With such a high percentage of the supply in profit, the current market environment is reminiscent of conditions that led to previous corrections. The high profitability encourages many investors to secure their gains, thereby putting pressure on Bitcoin’s price. If these conditions persist, a market top may form, triggering a decline.

BTC Price Prediction: No ATH

Bitcoin is currently trading at $67,432, edging closer to the critical $68,000 resistance level. Additionally, Bitcoin is on the verge of breaking out of a descending wedge pattern that has been in play since March. A breakout from this pattern could fuel a rally of up to 27%, potentially pushing the price to $88,077.

However, past patterns indicate that Bitcoin may not sustain such a rally. A breakout attempt could fail, leading to a correction that brings the price back down to $65,000. This price action would likely result in a temporary dip rather than a sustained move toward a new ATH.

Read more: Bitcoin Halving History: Everything You Need To Know

Without the necessary momentum, Bitcoin will struggle to break its ATH of $73,800, a level that remains just 9% above the current price. A failure to breach this level would invalidate the bullish outlook, keeping Bitcoin below its previous peak.

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