Toncoin (TON) is flashing a major bullish signal, surging to become the top daily performer among the top 100 cryptocurrencies by market cap. The rally, fueled by significant whale accumulation, has sparked intense speculation over an imminent push toward the $2 price level.

What’s Behind Toncoin’s (TON) Price Rally: Is $2 Next?

Toncoin (TON) has seen increased whale purchases over the last few days. According to an X post by BSCN, TON whales have purchased 189,730 TON tokens over the last three months. The spike in whale purchases coincide with Toncoin (TON) and Telegram founder Pavel Durov announcing massive spikes in scalability for the network. Durov also announced that the project will reduce fees by up to six times. The move may have led to a boost in investor sentiment, leading a surge in inflows.

JUST IN: WHALES GO BIG ON $TON IN Q1 2026

Despite @arkham terminating support for @ton_blockchain this week, $TON whales have still been buying.

Over the past three months, Toncoin whales have stacked 189,730 $TON tokens.

At the same time Pavel @durov has touted some massive… pic.twitter.com/euNLMvGSIu

Despite its current price rally, Toncoin (TON) has seen a massive dip over the last two years. The asset climbed to an all-time high of $8.25 in June 2024, but has since fallen by more than 83%. Although whales have been big on Toncoin (TON) in the first quarter of 2026, it is unclear if the upswing can sustain itself over the coming weeks. The crypto market is still quite fragile and risk-appetite among investors is low. The US-Iran conflict doesn’t seem to have any end in sight, which may lead to more investors moving out of the crypto space.

Despite the bearish forces, CoinCodex analysts anticipate Toncoin (TON) to continue its price rally. The platform predicts TON will hit $2.19 on May 6, 2026, but will face a correction soon after.