Amid fluctuations in cryptocurrency prices, the outlook for Telegram-associated Toncoin [TON] remains optimistic, with expectations of a significant upward trend fueled by positive market dynamics.
Nevertheless, the projected rally in TON is contingent on a shift in market sentiment from bearish to bullish.
Evaluation of Toncoin’s Performance
As per the technical analysis by CryptoCrypto, TON is demonstrating positive signs and currently holding firm at a key support level of $4.9. This support level has historically attracted substantial buying interest, paving the way for notable upward movements.
Traders and investors are anticipating a similar resurgence this time around.
Moreover, apart from the support level, TON’s price has entered a tight consolidation phase within a descending pattern, hinting at a potential breakout in the near future.
If market sentiment improves and the price surpasses the descending trendline, securing a daily close above $5.6, there is a strong likelihood of a 40% surge, propelling it towards the $8.15 mark in the days ahead.
Currently, TON is trading below the 200 Exponential Moving Average (EMA) on the daily chart. This technical indicator is instrumental in determining an asset’s trend direction for traders and investors.
At present, TON is hovering around $4.91, showing no change in the last 24 hours. However, trading volume has decreased by 20%, pointing to reduced engagement from market participants.
Despite the optimistic forecast, retail investors remain wary of TON’s ownership concentration among whales and large investors.
Structural Analysis of TON’s Whales and Investors’ Holdings
According to data from IntoTheBlock, approximately 87 major investors and whales collectively possess a significant 91.52% of TON’s circulating supply, leaving only about 8.48% in the hands of retail investors.
Given the substantial dominance of whales and large investors, concerns regarding price manipulation and potential fraudulent activities concerning these assets emerge.
While whales and institutions hold substantial shares, currently, only 10.71% of holders are seeing profits, while a staggering 82.90% find themselves in loss positions. Additionally, 6.4% are in profitable territory. With limited profitability, the risk of a price decline amplifies as the value appreciates.