Toncoin (TON) Holders Show Signs of Optimism After 17% Drop

Toncoin (TON), the cryptocurrency connected to Telegram, has faced a steep 17% drop in the past month. Its price briefly dipped below $5 before regaining some ground.

Despite this setback, recent data indicates that short-term holders are growing optimistic about a recovery. According to on-chain analysis, TON’s “Coins Holding Time” metric, which tracks how long users hold tokens without selling, has surged by 142% over the last week. This shift suggests that investors might be holding out for a rebound.

Rising Confidence Among Holders

IntoTheBlock data reveals that while TON’s price remains under pressure, large holders appear to be keeping their assets off exchanges. The “Large Holder Netflow to Exchange Ratio” has dropped, signaling that significant stakeholders are holding back on selling, which could help stabilize the price.

Typically, when this metric increases, it indicates more tokens are moving to exchanges, hinting at potential sell-offs. With large holders refraining from this, TON’s price may find support if this trend holds steady.

Technical Indicators Point to Possible Rebound

On the technical front, Toncoin’s Money Flow Index (MFI), which reflects liquidity levels entering the token, is on the rise. This increase suggests growing buying interest, raising the possibility of TON climbing above $5.22. Technical analysis using the Fibonacci indicator shows that, with continued buying momentum, the price could push up to $6.15.

However, if short-term holders opt to sell, this positive trend might reverse, risking a price dip back to $4.46. For now, TON holders remain cautiously optimistic about an upward swing.