- Market sentiment around the token has improved in recent days.
- Whales showed confidence in TON as its accumulation increased.
The crypto market has witnessed a major setback lately, causing the prices of most cryptos to plummet. However, Tonmint [TON] seemed to outperform the rest as it managed to paint its daily card green.
But will this trend continue? Let’s find out.
Toncoin is turning green again
CoinMarketCaps facts revealed that Toncoin price has fallen by more than 5% in the past seven days. But things got better in the last 24 hours as the token seemed to recover.
At the time of writing, TON was trading at $5.39 with a market cap of over $13.6 billion, making it the ninth largest crypto.
The volatile price action left the majority of TON investors to bear losses. AMBCrypto’s look at IntoTheBlock’s data revealed that only more than 6 million TON addresses made profits, which accounted for just over 12% of the total number of TON addresses.
Source: IntoTheBlock
The price increase over the past 24 hours had a positive impact on the token’s sentiment. According to our look at Santiment’s data, TON’s weighted sentiment improved sharply.
This indicated that bullish sentiment surrounding it was increasing in the market.
However, social volume remained low, reflecting a decline in popularity.
Source: Santiment
Will TON remain bullish?
AMBCrypto then checked other data sets to find out the likelihood of TON remaining bullish in the coming days. According to our analysis, selling pressure on the token increased, which could depress its price.
This was evident from the increase in supply on trade fairs and a decrease in supply outside the trade fairs. The fact that investors sold TON was further determined by the spike in currency inflows.
Source: Santiment
In addition, TON’s long/short ratio also fell Mint glass. This suggested that there were more short positions in the market than long positions.
Nevertheless, the deep-pocketed players in the crypto space had confidence in TON as the supply of top addresses increased.
Furthermore, our analysis of Hyblock Capital’s data showed that Toncoin’s whale vs. 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 portfolio green? View the TON Profit Calculator
Since the whales had confidence in TON, AMBCrypto then checked the token’s daily chart. The technical indicator MACD showed a bearish advantage in the market. The Relative Strength Index (RSI) moved sideways, indicating a price decline.
Nevertheless, the Chaikin Money Flow (CMF) supported the bulls as it registered a rebound.
Source: TradingView
