The price of Toncoin (TON) has seen significant fluctuations over the past five days due to developments surrounding Telegram CEO Pavel Durov.
Big wallet holders have shown extreme skepticism and have taken a step that could derail the recovery.
Toncoin wants to capitalize on good news
Toncoin’s price rose 10% intraday on Wednesday following news of the release of Telegram CEO Pavel Durov. Durov was arrested in France last weekend and faces several charges, including facilitating illegal transactions on the platform.
However, this news did not have a major positive impact on the token compared to the panic caused by Durov’s arrest. The sell intent of TON holders has skyrocketed in the last few days.
Spikes in active deposit metrics show that the movement of TON from investors’ wallets to exchanges has increased. This is a sign of skepticism and pessimism among investors that could lead to selling, and it did.
Read more: The 6 Best Toncoin (TON) Wallets in 2024
Large wallet holders, also known as crypto whales, were not the first to sell, but they were the biggest sellers this week. In the last 24 hours, addresses holding at least 0.1% of the circulating supply sold 123.76 million TON.
This offering, worth over $684 million, is the largest wave of selling since the beginning of the year. The lack of optimism among TON whales could make it difficult for the Toncoin price to recover.
TON price forecast: The recovery will be delayed
Toncoin price is up just over 8% in the last 48 hours, with a sharp spike seen yesterday. The altcoin is currently trading at $5.53, attempting to secure a support floor at $5.49.
This is important for TON if it wants to recover from last weekend’s 23% crash. However, the above factors could make this difficult and potentially keep the altcoin below the $6.04 resistance.
Read more: What are Telegram Bot Coins?
At the same time, demand could increase if investors become optimistic on the news of Durov’s release. This would push TON above $6.04, invalidating the bearish-neutral thesis.
Disclaimer
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