740,000,000 Toncoin Forms Major Support, Is TON Price Safe?

Toncoin Holds Strong Support at $3.24 as Wallets Accumulate Massive Volumes

Despite a 3% decline in the last 24 hours, Toncoin (TON) has held firm above a critical demand zone, signaling strong buying interest. On-chain analyst Ali Martinez reports that 1.21 million wallets previously acquired 740 million TON at the $3.24 price level, highlighting significant accumulation at this key threshold.

At the time of writing, Toncoin trades at $3.39, down 2.02%, with trading volume dipping slightly by 0.64% to $785.66 million. Martinez remains bullish, noting that the substantial wallet accumulation at $3.24 could act as a defensive line—investors may buy more if prices dip, potentially preventing further declines and cementing this level as strong support.

Martinez's chart analysis shows that 889.87 million TON (worth $2.93 billion) are currently "In The Money," accounting for 90.26% of the total. Only 95.46 million TON ($314.32 million) remain "Out of the Money," reinforcing bullish sentiment. With over 90% of addresses profitable, a deeper price drop appears unlikely.

Toncoin recently surpassed Shiba Inu (SHIB) after a 15% surge fueled by rumors of a Telegram-Grok partnership. As the market awaits confirmation, this optimism could help TON maintain its position above the crucial $3.24 support.

Increased buying pressure could spark a rally, potentially strengthening Toncoin's hold as the 16th-largest cryptocurrency by market cap. A sustained uptrend might even challenge Stellar (XLM) for the 15th spot.