- The number of TON addresses across all levels increased, indicating high demand.
While Open Interest fell, data showed that bulls might soon break past the $8.17 resistance.
As a seasoned crypto investor with a keen interest in TON, I find the recent market trends intriguing. The increasing number of TON addresses and the high percentage of holders in profits are positive signs that demand for this altcoin is strong. However, I am cautiously optimistic as there are also indicators that suggest potential challenges ahead.
As a data analyst examining the Toncoin (TON) market using IntoTheBlock’s platform, I discovered that a mere 1% of its holders are experiencing losses. Conversely, an impressive 90% are currently in profitability. The remaining portion, approximately, is at the break-even point.
A significant number of TON holders outside the red zone on the chart might be connected to the cryptocurrency’s price. At present, TON is priced at $7.65. Previously, this altcoin had hit a high of $8.23. However, there’s more to it than that.
TON accumulation continues
Based on AMBCrypto’s on-chain analysis, all TON token holders could potentially realize profits based on the trends observed in the Holdings Distribution.
This metric categorizes asset possession among various entities. Additionally, it reveals whether a particular group is acquiring or disposing of a token, or if there’s an increasing trend among market players in adopting the token.
Currently, as of the publication deadline, we’ve observed a rising trend in the quantity of addresses within the 1 TON to 10 million TON range. Such growth is indicative of investors’ faith in the prospective value of the token.
Additionally, the implication was that Toncoin’s network would experience greater usage, leading to heightened interest in the cryptocurrency. Should this trend persist through the upcoming week, Toncoin may build upon its 8.15% weekly growth and surpass the $8 mark.
The Global In/Out of Money (GIOM) index provides another piece of evidence for this forecast. GIOM refers to the metric that identifies addresses transacting at specific price ranges, acting as both supports and resistances in the market.
Strong support lies at $7.48
Significantly, an area with a larger concentration of addresses offers greater potential for both support or resistance. Currently, our analysis reveals that approximately 259 addresses hold around 117,180 TON within the price range of $8.07 to $8.17.
As a researcher studying the TON blockchain, I’ve discovered that approximately 1,310 unique addresses purchased a total of 476,270 tokens. These tokens were bought within the price range of $7.21 to $7.48. The significant number of addresses in this region indicates a robust level of support for TON.
If I observe an uptick in demand, surpassing the $8.17 mark may not pose a significant hurdle. Should this transpire, Toncoin’s value could revisit $8.32, resulting in every holder realizing a profit of 100%.
While analyzing this forecast, it’s important to consider the Open Interest (OI) as a potential hindrance. Open Interest represents the total number of open contracts in the market. An uptick in OI suggests that investors are actively engaging in new trading activities by adding fresh capital to the market.
As a crypto investor, I’ve noticed that a decrease in open interest (OI) for a particular coin like Toncoin means that traders are closing their positions and withdrawing funds from the market. At this moment, Toncoin’s OI has gone down from $96.54 million to $93.80 million.
Realistic or not, here’s TON’s market cap in ETH terms
At this price point, there are signs of weakness in the upward trend. If open interest (OI) had risen from its prior high, a move up to $8 for TON would be highly likely.
However, as things stand, it could take some time before more holders reach the profit zone.
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2024-06-29 03:03