- The number of TON addresses at all levels increased, indicating high demand.
- While open interest fell, the data showed that the bulls could soon surpass the resistance at $8.17.
According to IntoTheBlock, only 1% of Toncoin [TON]
of cryptocurrency holders are losing. The blockchain analytics platform also showed that 90% are in profit, while the rest are breaking even.
The large number of holders outside the red region could be related to the price of TON. At the time of writing, the value of TON was $7.65. Before that, the altcoin had reached a high of $8.23. But that is not all.
TON accumulation continues
AMBCrypto on-chain analysis shows that 100% of TON holders are likely to make profits soon. This is clear from the indications of Holdings Distribution.
This indicator divides the ownership of an asset into groups. It also indicates whether a specific group is buying, selling, or whether more market participants are adopting a token.
At press time, we noticed that the number of addresses in the 1 TON to 10 million TON pool has been increasing. An increase like this suggests confidence in a token’s potential.
Source: IntoTheBlock
On top of that, it implied more traction on the Toncoin network and increased demand for the cryptocurrency. If this continues over the next week, TON could build on its 8.15% seven-day surge, and is likely to break above $8.
Another indicator that supports this prediction is the GIOM. This means global inflow/outflow of money. It is a metric that analyzes the addresses that bought volume in a certain price range while acting as support
and resistance.
Strong support lies at $7.48
In particular, the greater the number of directions on a point, the more support or resistance it can provide. At the time of writing, we observed that 259 addresses accumulated 117,180 TON between $8.07 and $8.17.
However, 1,310 addresses purchased 476,270 tokens between $7.21 and $7.48. The large number of addresses in the region suggests strong support for TON.
Source: IntoTheBlock
Therefore, if demand increases, breaking the $8.17 barrier might not exactly be a challenge. If this happens, Toncoin price could retest $8.32, putting 100% of holders in the money.
Meanwhile, open interest (OI) is an indicator that could be a hindrance to this forecast. OI measures the value of open contracts in the market. If it increases, it means that traders are investing new money into the market.
However, a decrease in OI indicates that traders are closing positions and taking liquidity out of the market. At the time of writing, Toncoin’s OI had fallen from $96.54 million to $93.80 million.
Source: Santiment
Whether realistic or not, here is TON’s market cap in terms of ETH
Looking at the price, this indicates a weakening of the bullish trend. If OI had increased from its previous peak, then TON would almost certainly reach $8.
However, as things stand, it could be some time before more incumbents reach the profit zone.
Next: BlackRock makes a surprising move as Bitcoin reacts – All the details
This is an automatic translation of our English version.
