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- Toncoin recently fell 24%, but analysts predict a potential 280% increase in the current bull cycle.
- Key metrics such as Whale Trades and Open Interest provide insight into Toncoin’s short-term price trajectory.
Tonmint [TON] has been going through a challenging period after a series of impressive performances earlier this year. The cryptocurrency, which reached an all-time high (ATH) of $8.25 in June, has seen its price steadily decline since then.
At the time of writing, TON was trading at $5.23, reflecting a decline of 36.3% from its ATH and a decline of 24% over the past two weeks. This downward trend highlights the volatility in the crypto market, even for assets with a strong track record.
Amid these price movements, market analysts remain optimistic about Toncoin’s potential in the ongoing bull run. For example, a CryptoQuant analyst, Burak Kesmeci, has done just that marked the possibility of a significant advantage for TON based on the SMA365 Heatmap metric.
According to Kesmeci, the current price level of $5.14 marks a “cool zone,” which has historically been associated with local bottoms during bull cycles. This analysis positions TON for potential upside as market conditions stabilize.
Price heatmap and bullish objectives for Toncoin
Kesmeci’s analysis identifies three potential price targets for Toncoin: $8.74, $15.93, and $19.53. These levels are derived from the SMA365 Heatmap, which uses moving averages to project price trends.
These target levels may rise further during a bull market as prices gain momentum. The analyst suggests that TON could experience a rise of up to 280% in an altcoin-driven bull market.
While these forecasts are encouraging, they highlight the importance of closely monitoring market dynamics.
Source: CryptoQuant
In addition to the price heatmap, other key metrics provide insight into Toncoin’s near-term trajectory. Open Interest(OI) data from Mint glass shows a decline of 1.50%, bringing the current valuation to $182.96 million.
Source: Coinglass
Meanwhile, TON’s OI volume increased 11.37% to $342.66 million. This mixed performance in derivatives markets indicates cautious investor sentiment, possibly influenced by recent price volatility.
Whale activity and market implications
Another critical factor in TON’s price outlook is whale trades, which provide a snapshot of the behavior of large-scale investors. According to facts from IntoTheBlock, TON’s whale transactions have dropped significantly, from over 2,000 transactions on December 17 to approximately 1,220 on December 19.
Source: IntoTheBlock
This decline indicates reduced activity from wealthy investors, indicating reduced buying pressure or profit taking at current levels. A decline in whale transactions could have mixed effects on Toncoin’s price.
Read Toncoin’s [TON] Price forecast 2024–2025
On the one hand, lower whale activity can reduce sudden market swings due to large trades. On the other hand, continued inactivity in this segment could indicate a lack of confidence in price growth in the near term.
As a result, the market may experience periods of consolidation before the next major move.