Though big investors—often referred to as “whales—have lately shown more activity, Toncoin (TONNE) seems to be destined for further choppier seas. This coincides with analysts voicing worries on the declining technical indicators of the bitcoin and possible breakdown of a significant support level.

Whales Make A Splash, But Can They Save The Day?

Joao Wedson, a crypto analyst at CryptoQuant, noted in a recent study that whale activity on the Toncoin network was . above the previous few weeks, transactions above 100,000 TON—roughly equivalent to $645,000 at current rates—exceeded a startling $1 billion. This suggests that big TON has been actively moved by major holders, but the reason behind these movements is yet unknown.

Although the whales are definitely generating a stir, Wedson added that for , it’s not always translating to easy sailing. He noted that although big transactions account for almost half of the volume on the network, their effect on the pricing is minor. Smaller transactions, on the other hand, account for a far smaller portion of the total volume even if they account for most of the general activity.

Technical Indicators Flash Red

Though whale activity has been increasing, Toncoin’s price has shown indications of weakening. Especially, TON lately fell below its 20-day Exponential Moving Average (EMA), a technical indicator meant to track short-term movements. This implies a movement towards selling pressure as the average price of TONNE over the past 20 days has been on a declining slope.

The approaching crossover of the Moving Average Convergence Divergence signal adds to the bearish attitude. Usually indicating a loss of upward momentum and a possible price drop, the MACD line seems ready to dip below its signal line.

For TON, these technological markers raise red flags. Should the price exceed the lower line of its ascending channel, which has been functioning as a support level, a decline to $5.70 seems rather likely.

Is This A Buying Opportunity Or A Sinking Ship?

Investors find the current Toncoin situation perplexing. Though the technical indications show a negative picture, the significant whale activity suggests possible optimistic interest. Still the primary question: are the whales accumulating or spreading? Should they be building, this could present a purchase window before to price recovery. If they are selling up their interests, though, it may indicate a troubled ship.

Featured image from Vikks/Shutterstock, chart from TradingView