- The number of retail and large TON investors increased, triggering a notable price jump.
Open Interest climbed, indicating strength for the uptrend.
As a seasoned crypto investor with a keen interest in Toncoin [TON], I’ve witnessed firsthand the recent surge in price and investor participation. The increase in retail and large investors, as well as the growing number of addresses holding TON across various groups, is an encouraging sign. This trend indicates that more individuals believe in TON’s potential for further growth.
Recently, Toncoin (TON) experienced a fresh wave of growth, which went beyond just its price and market capitalization. Intriguingly, AMBCrypto discovered an uptick in the number of wallets holding Toncoin across all user categories.
Based on information from Santiment’s on-chain analysis, there has been a notable increase in the number of investors holding between 0.01 to 1 TON and the larger whale investors with 100,000 to 1 million TON tokens.
It’s an uncommon occurrence in most projects; for Toncoin, however, this development bodes well and signifies growing interest among investors, suggesting a potential increase in its value.
All hands on deck in TON support
Approximately three days ago, AMBCrypto revealed that large investors, referred to as “whales,” had been drawn to the Toncoin network. Unbeknownst to many, individual investors, or the “retail cohort,” were also considering Toncoin as a potential safe haven for their cryptocurrency investments.
As a crypto investor, I’ve been keeping a close eye on TON, and it looks like my patience is paying off. The token’s price has jumped by an impressive 5.01% in just the past day, reaching $6.59 at the current market rate.
I’ve noticed an impressive increase in my crypto portfolio’s profitability recently. The total supply of Toncoin is currently generating profits at a rate of 79.04%. A few short weeks ago, this figure stood at an even more promising 100%, meaning all Toncoin holders were in the green.
As a crypto investor, I’ve noticed that the selling pressure my TON tokens faced was a significant factor in the decline of their value ratio. However, with the latest upward trend in the market, there’s a possibility that TON could be making its way back towards the $7.65 mark.
It’s possible that Toncoin’s price may rise further due to growing anticipation of an uptrend in the altcoin market.
The concept of “altcoin rallies” denotes a timeframe during which various digital currencies, excluding Bitcoin, exhibit significant price growth that outpaces Bitcoin’s.
Can the price hit $15?
In this scenario, approximately three-quarters of the leading 50 altcoins are expected to surpass Bitcoin’s performance. If that holds true, reaching a new price height of $7 for TON could be a relatively simple feat as its value may soar into double digits.
Along with the given measurement, AMBCrypto considered TON‘s Open Interest (OI) as an additional factor. Open Interest represents the total value of ongoing contracts in the market.
As a researcher studying the markets, I would interpret a decrease in Open Interest (OI) as an indication that numerous traders are liquidating their current positions. The withdrawal of funds from the market could potentially signal a bearish trend for the cryptocurrency.
As a Toncoin investor, I closely monitor market data to gauge the token’s trends. According to Coinglass, open interest (OI) for Toncoin rose by 11.70% in just the past 24 hours. This surge suggests that fresh capital is flowing into the market, which could potentially fuel a bullish trend for Toncoin.
Is your portfolio green? Check the Toncoin Profit Calculator
If the indicator keeps climbing, there’s a good chance that TON‘s price will exceed its previous record high. In the near future, it may even reach $15.
For those holding tokens, it’s essential to stay vigilant. If the Open Interest (OI) level rises significantly, it might signal an impending market shift. Considering this, selling some of your holdings could be a prudent move if such a change occurs.
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2024-06-03 11:03