Toncoin (TON) appears to have taken a break from its massive decline within 30 days. The coin witnessed a mild surge as it attempted to climb key resistance levels. TON, which found support at the $5 mark for a while, has finally breached the $5.25 resistance level.

Toncoin challenge is sustainability

According to CoinMarketCap data, TON is changing hands at $5.39, representing a 2.33% surge in the last 24 hours. However, the mild gain has not boosted investors’ confidence, as trading volume dipped slightly by 1.21% to $196.97 million.

TON has tried to rediscover such price levels after hitting an all-time high (ATH) of $8.24 in June 2024. The closest came in December when it climbed to $6.8 amid broader bullish sentiments in the cryptocurrency market.

Analysts opine that TON needs the community’s support to sustain its rebound moves during the current price retracement. They insist TON’s market volume needs to soar to help cement the demand from investors in general.

However, broader crypto market dynamics make this difficult. Primarily, Bitcoin, the leading digital asset, is also experiencing a price plunge amid caution from investors. A rally with Bitcoin might trigger other altcoins, including TON, to soar.

Whale activity bolsters TON

Notably, despite the volatility that TON has experienced since about the second week of December, whales have supported the ecosystem.

As U.Today reported, there was an 80% increase in large transactions in December. This spike translated to $8.75 billion on the penultimate day of 2024.

The development signaled that TON whales were either accumulating or engaging in massive movements of their assets.

In a similar development, whales witnessed increased activities recently, with 1.55 billion TON transacted valued at $8.86 billion. Analysts maintain that the massive transactions of whales in the TON ecosystem have helped prevent the coin from plunging below the $5 support level found in late December.