- Toncoin’s inflow to exchanges surged by 37.54%, indicating potential selling pressure despite its 1.83% price rise.
- The altcoin’s trading range between $5.1 and $5.5 remains despite moderate gains in contrast to Bitcoin’s momentum.
Toncoin has experienced a notable increase in exchange inflows, up 37.54% in the last 24 hours, aligning with a slight price hike of 1.83% on the daily charts.
Despite this recent uptick, TON’s trading range has been relatively stagnant, hovering between $5.1 and $5.5, underscoring a subdued performance compared to other altcoins riding Bitcoin’s current bullish momentum.
At present, Toncoin is trading at $5.55, reflecting modest gains of 4.91% weekly and 6.85% monthly. However, the altcoin is still down 32.84% from its all-time high (ATH) of $8.24, illustrating that while there have been recent gains, the broader market sentiment towards TON remains largely cautious.
Source: IntoTheBlock
Market data indicates a significant rise in Toncoin’s inflow into exchanges, signaling a potential shift towards selling among investors.
This uptrend in inflows—from $34.05 million to $48.69 million in just one day—suggests a move by holders to capitalize on the current price or to mitigate losses, hinting at a prevailing lack of confidence in the coin’s short-term growth potential.
Furthermore, technical indicators like the Stochastic RSI have undergone a bearish crossover, which typically points to increased selling pressure. This sentiment is compounded by Toncoin’s declining Stock-to-Flow (S2F) ratio, which has plummeted from 44.28 to zero in the past week, indicative of a growing oversupply that could depress its market value.
Source: Santiment
The increased supply without corresponding demand hints at impending price corrections. This scenario of heightened supply and limited demand reduces the scarcity that might otherwise support higher valuations.
Despite some positive movements on its price charts, Toncoin exhibits significant market uncertainty. The presence of a long-legged doji in recent trading sessions underscores this indecision, showing that neither buyers nor sellers have definitive control, with the market’s momentum tilting slightly towards sellers as confirmed by the Relative Vigor Index (RVGI) which also depicted a bearish crossover recently.
Given these factors, while Toncoin has shown resilience in price, the prevailing market—characterized by significant selling pressure and an oversupply—suggest that cautious optimism is warranted.
Toncoin (TON) is currently trading at $5.55 USD, showing a daily increase of 1.65%. Over the past week, TON has gained 3.16%, while its monthly growth stands at 7.98%. Year-to-date, Toncoin has surged by an impressive 138.56%, underscoring strong performance and investor confidence. However, it is still below its all-time high of $8.28 USD.
