- Toncoin has seen an impressive 80% rise in significant transactions and a 30% boost in active addresses, indicating robust market enthusiasm.
- Nonetheless, the falling long-short ratio raises red flags amid heightened market volatility, suggesting a cautious outlook.
Toncoin [TON] is gaining significant traction in the cryptocurrency market. Recent statistics show that the number of substantial volume transactions has skyrocketed by 80% within the last 24 hours.
In addition to the surge in whale activity, trading engagement has begun to rise, with active addresses increasing by 30% at the time of writing.
A surge worth celebrating
The remarkable 80% hike in large transactions reflects strong demand for Toncoin. When whales actively invest, it often instills confidence in smaller investors, pushing the market forward.
This trend could potentially indicate upward price pressure and a possible breakout for the altcoin.
Source: IntoTheBlock
Rise in Toncoin’s active addresses
Another important aspect is the increase in trading activity. A 30% rise in active addresses over the last 24 hours indicates that more users are engaging with the Toncoin market.
This surge generally points to improved liquidity. More participants in the market facilitate smoother transaction processes.
Source: IntoTheBlock
Read Toncoin’s [TON] Price Prediction 2024-25
Decreasing long-short ratio
However, not every trend is favorable. Data from Coinglass shows that the long-short ratio has been steadily decreasing over the past 24 hours. This suggests that fewer traders are betting on price increases for Toncoin.
This might be a result of the recent cuts by the Fed, prompting a more cautious approach among investors, as well as possible repositioning for price adjustments.
Source: Coinglass
