- Market sentiment around the token has improved over the past few days.
- Whales showed confidence in TON as they increased their accumulation.
The cryptocurrency market has recently experienced a major setback, causing the prices of most cryptocurrencies to plummet. However, Toncoin (TON) seemed to perform better than the others, as he managed to paint his daily chart green.
But will this trend continue? Let’s find out.
Toncoin becomes green again
CoinMarketCap data Toncoin price has dropped by more than 5% in the last seven days. But things have improved in the last 24 hours as the token appeared to be recovering.
At the time of writing, TON was trading at $5.39 with a market cap of over $13.6 billion, making it the 9th largest crypto.
Price volatility has led to losses for the majority of TON investors. AMBCrypto’s analysis of IntoTheBlock data revealed that only over 6 million TON addresses were in profit, which represented just over 12% of the total number of TON addresses.
Source: IntoTheBlock
The price increase over the past 24 hours has had a positive impact on the token’s sentiment. According to our analysis of Santiment’s data, TON’s weighted sentiment has improved significantly.
This indicates that bullish sentiment towards it has increased in the market.
However, its social volume remained low, reflecting a decline in its popularity.
Source: Santiment
Will TON remain bullish?
AMBCrypto then checked other datasets to determine the chances of TON remaining bullish in the coming days. According to our analysis, the selling pressure on the token has increased, which could push its price lower.
This was demonstrated by the increase in supply on stock markets and the decrease in supply outside of stock markets. The fact that investors were selling TON was also demonstrated by the increase in its inflow into stock markets.
Source: Santiment
Apart from this, TON’s long/short ratio has also decreased, according to Coin glassThis suggests that there were more short positions in the market than long positions.
Nonetheless, big players in the crypto space had faith in TON as the supply held by major addresses increased.
Additionally, our analysis of Hyblock Capital data revealed that Toncoin’s whale/retail delta had a value of 99.49. A value closer to 100 is bullish as it indicates that whales have longer exposure to the market.
Source: Hyblock Capital
Is your wallet green? Find out TON Profit Calculator
With whales showing confidence in TON, AMBCrypto then checked the token’s daily chart. The MACD technical indicator showed a bearish edge over the market. The Relative Strength Index (RSI) moved sideways, hinting at a price decline.
However, the Chaikin Money Flow (CMF) supported the bulls by registering an increase.
Source: TradingView
