Toncoin’s (TON) price has faced significant volatility over the last five days owing to the developments surrounding Telegram CEO Pavel Durov.

The large wallet holders have been very skeptical and have made a move that could affect recovery.

Toncoin’s price rose 10% intra-day on Wednesday following the news of Telegram CEO Pavel Durov’s release. Durov was arrested in France over the last weekend and faces multiple charges, including facilitating illicit transactions on the platform.

However, this news has not had much of a positive impact on the token compared to the panic Durov’s arrest created. TON holders’ intention to sell surged over the last couple of days.

Spikes in the active deposit metrics show that the movement of TON from the investor’s wallets to the exchanges increased. This is a sign of skepticism and bearishness among investors that could lead to selling, and it did.

Read more: 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 largest sellers this week. In the last 24 hours, addresses holding at least 0.1% of the circulating supply dumped 123.76 million TON.

This supply, worth over $684 million, is the largest bout of selling noted since the beginning of the year. The lack of bullishness among TON whales could make it difficult for Toncoin’s price to recover.

Toncoin’s price rose by a little over 8% in the last 48 hours, with a major whiplash observed yesterday. Currently changing hands at $5.53, the altcoin is looking to secure $5.49 as a support floor. 

This is important for TON if it intends to recover from the 23% crash from the previous weekend. However, the aforementioned factors might make this difficult, potentially keeping the altcoin below the resistance of $6.04.

Read more: What Are Telegram Bot Coins?

At the same time, if the investors turn bullish owing to the news of Durov’s release, demand could increase. This would send TON rallying beyond $6.04, invalidating the bearish-neutral thesis.

The post Crypto Whales Threaten Toncoin’s Price Recovery Despite Telegram CEO’s Release appeared first on BeInCrypto.

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