- Toncoin seemed ready for recovery, but this hope was quickly crushed after the whales started selling
- Token lost 32% of its value in five days and the sales pressure was not relaxed
Toncoin [TON] A week ago looked pretty bullish. It had risen above $ 3.95-local resistance towards the end of March and made higher lows during the process. This hinted to bullish potential and a recovery to $ 4.8 in the charts.
However, the whale activity rose at the beginning of April. The daily transactions were higher, but in combination with whale activity it underlined a potential sale. Since then, Ton has shed 26.6% in 8 days.
Will sellers become considerably stronger than the end of March?
Worrying signs for Toncoin Bulls
The best output profit ratio (Sopr) not only follows whether Ton is sold with a profit or loss, but also compares the realized value of the coins with their value when creating. It is the value of Ton when spent, divided by the value with which it was purchased.
A drop under 1 meant that coins were sold with losses. By the end of March, the apparent recovery of Ton de Soprag saw above 1 climb. However, this climb was short -lived.
The Hodler Net Position Change Metric revealed the monthly change in position of long -term holders. Derived from the mint liveliness petriek, it makes it possible for the net position metric to be calculated to understand whether the market witnesses from a transition from accumulation to distribution.
In February and March the accumulation seemed to be going as the price ran down. In the past ten days, the net position change has fallen even lower, indicating that holders were sold and a potential distribution phase was underway.
This seemed to link well to the whale activity and the recent weakness of Ton.
Source: Ton/USDT on TradingView
The bullish market structure breach took place on March 27 when the lower high was surpassed at $ 3.95. The CMF had been above +0.05. Signaling of strong capital influx since mid -March. This turned quickly.
Toncoin fell by 32% in five days and the current prospects are therefore Bearish. At the time of writing, the $ 3.5 support zone had not stopped tons and was the CMF at -0.14 to indicate a high sales pressure.
