Toncoin [TON] Price Analysis: Breakout From Rising Wedge Leads to 20% Dip, But Social Volume Stays Strong

Toncoin [TON] has taken the crypto community by storm with its recent price action. TON has been consolidating in a rising wedge pattern since the 1st of April

Toncoin (CRYPTO: TON) has seen a wild ride in the past few months. After rallying over 400% from its March lows, TON’s price hit a roadblock and began consolidating in a rising wedge pattern.

This signaled a period of indecision among traders, with the potential for a breakout in either direction.

On the 4th of July, that moment arrived, but not in the direction that many holders had hoped. TON’s price broke free from the wedge, only to dip by a staggering 20%.

Source: TradingView

Large transactions take a dive

Our analysis of data from IntoTheBlock revealed a significant shift in large transaction activity. The number of large TON transactions has declined by 52% following the price drop.

This suggests that whales and institutional players may be stepping back or evaluating their positions in light of the market movement.

Source: IntoTheBlock

Social volume stays strong

A look at TON’s Social Volume via Santiment indicated several spikes despite the price fluctuations.

This showed that the Toncoin community continued to engage in discussions and show interest in the project. Also, the sustained Social Volume could potentially shield the impact of the price drop and maintain market awareness.

Source: Santiment

Active users stand firm

Interestingly, the Active Addresses have not seen a significant decline, meaning that major supporters and developers were not worried by short-term price fluctuations.

This may indicate a strong belief in the project’s long-term potential, which could shield TON from further dips.

Source: Santiment

Toncoin’s price dropped sharply on the 4th of July, breaking out of a rising wedge pattern in the opposite direction. This move was accompanied by a significant decrease in large transactions, suggesting that whales may be pulling back.

However, social volume and active user metrics remained strong, indicating sustained community interest and support. Despite the setback, TON’s price action and market indicators still leave room for potential price recovery.

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