TON Dips 3% This Week, But Whale Activity Spikes 10x as Institutional Investors Eye the Token

Toncoin's TON has been one of the star performers this year. The token started the year at $2.3 and has skyrocketed since to hit an all-time high of $8.26 in mid-June.

Crypto institutional investment has been on the rise in recent months, and Toncoin's (CRYPTO: TON) native token has been one of the beneficiaries.

According to data from IntoTheBlock, large transactions, or those valued at over $100,000, surged 983% in the past few days, hitting $4.1 million.

This institutional activity comes as TON has dipped 3.3% in the past seven days, a stark contrast to its performance earlier this year, which saw it surge 220%.

At the time of writing, TON trades at $7.31, having dipped 0.6% in the past 24 hours. It ranks eighth on the market cap charts, trailing XRP, at $18.3 billion.

However, it remains above Dogecoin, the leading memecoin, which TON overtook on July 2, as reported.

What's Next for Toncoin?After hitting an all-time high of $8.26 about a month ago, Toncoin lost steam and dipped to $6.817.

The bulls defended it, and after finding support, TON picked up momentum again to surge to $8.08 on July 3. However, it was once again rejected and has struggled to find form since.

According to analysts, $7.5 remains a key resistance level for Toncoin. Since April, the token has been trading within a range of $6.75 and its ATH at $8.26.

This makes $7.5 the mid-range and a long-term resistance that TON struggled to break past in April and May.

If it continues to be rejected at $7.5, Toncoin could dip to $6.75, its lower range.

However, this would allow the bulls to regain control and launch a new bid to breach the resistance.

In the derivatives market, open interest for Toncoin remained relatively unchanged in the past seven days.

This figure currently stands at $269.3 million, increasing by 0.5% in the past 24 hours, with a majority of it being on Bybit.

However, as the graph below from crypto analysts at Kaiko shows, open interest has been surging for months as Toncoin continues to become popular with institutional investors, hitting a record at $287 million earlier this month.

The Kaiko team added:

Volumes increased in both dollar and asset terms, suggesting the increasing OI is not simply due to higher prices but more demand for TON tokens.

TON’s liquidity has increased at the same time, with a 1% market depth up from $2.5mn in January to over $8mn by July.

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