Toncoin [TON] has done well over the last 24 hours. How will TON do going forward as holders sell once profits come in?
turned out to be one of the underdogs of the crypto-market. In fact, over the last few months, TON has outperformed a lot of crypto-assets across various sectors.Over the last 24 hours, for instance, the price of TON has surged by 17.74%. The price of TON had previously projected a bearish pattern since 11 April. However, the latest hike in its price has been significant enough for a possible trend reversal. The CMF soared over the last few days, indicating that the money was flowing into TON.
On the contrary, the RSI for TON climbed well above neutral – A sign that it may be in an overbought position and its price could see a slight correction in the future.Despite the surge in price, however, there remain a few issues that are plaguing the token. The network growth for TON, for example, fell significantly over the last few days. This suggested that new addresses have been losing interest in the TON token.
Moreover, the velocity around the TON token also fell – Evidence of the frequency with which TON was being traded having declined. These factors could prove to be detrimental for TON in the long run and could hinder the altcoin’s ability to rally going forward.Furthermore, the MVRV ratio for TON also hiked, indicating that addresses are getting profitable. This incentivizes addresses to sell their holdings which could result in TON’s price being affected negatively.
However, the Long/Short ratio for TON also climbed during this period, implying a hike in the number of long-term holders of TON. Here, it’s worth noting that long-term holders are less likely to sell their holdings and respond impulsively to market fluctuations.Daily active users on the network surged from 175,000 to 270,000 over the last few weeks. Surprisingly though, the revenue generated by the network fell significantly during this period.Himalay is a full-time journalist at AMBCrypto.
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