- TON technical indicators suggest mixed signals, with the RSI hinting at a potential rebound.
- Open interest and a near-balanced long/short ratio indicate increasing speculation and possible volatility.
Toncoin (TON) has taken the crypto world by storm, growing its holder base from 4.3 million in early 2024 to 100 million currently. This rapid increase in holders was accompanied by a corresponding increase in trading volume, signaling strong market interest.
At press time, TON was trading at $5.18, down slightly by 0.25% over the past day. Therefore, the crucial question is whether TON can maintain this momentum and move towards higher price ranges.
TON Technical Analysis: Is a Rally Coming?
Looking at TON’s technical indicators, the relative strength index (RSI) was at 45.18, which shows that the market is just below the neutral point. This indicates a slightly oversold situation, suggesting that a rebound could be on the horizon.
However, the MACD (Moving Average Convergence Divergence) shows a slight bearish signal, as the histogram hovers just below zero, reflecting minimal momentum in either direction.
Therefore, traders closely monitor a breakout signal to determine TON’s next move.
Source: TradingView
TON network activity: short-term decline or long-term growth?
Daily active addresses provide another crucial insight into the health of TON’s network. As of press time, 174 active addresses have been registered, compared to 188 the day before. This slight drop could suggest a temporary period of reflection.
However, given the massive increase in long-term holders, growth for the broader network remains strong. Additionally, the influx of new users signals robust adoption, even if short-term activity fluctuates.
Source: Santiment
Long/Short Ratio: Bearish Sentiment Could Trigger a Rebound
Interestingly, the updated long/short ratio reveals more balanced sentiment. Currently, 53.45% of traders are holding short positions, while 46.55% are long. Therefore, the long/short ratio stands at 0.8709, suggesting that the bears still have a slight advantage.
The margin is, however, much narrower than in previous sessions.
As a result, this balance indicates that the market could experience volatility in either direction. Thus, traders should prepare for sudden price changes, as the balance between bulls and bears tightens.
Source: Coinglass
Open Interest: Rising Speculation Could Fuel Volatility
Open interest increased by 1.02%, with $232.72 million now invested in TON futures. This increase suggests growing speculation, with traders taking leveraged positions in anticipation of further price movements.
As volatility increases, the market could experience sudden and dramatic changes.
Source: Coinglass
Read Toncoin (TON) Price Prediction 2024-2025
TON is on the cusp of another breakout. Although some technical indicators are showing short-term bearish signals, long-term growth in holders and increasing speculation point to sustained bullish momentum.
If TON breaks through its resistance levels, a significant rally could ensue.
