Things change very fast in the crypto market, and for an altcoin like Toncoin [TON], it is no different. This time, it is a price rise.
According to Santiment, TON’s Funding Rate was down to -0.012% on the 29th of June. But as of this writing, the ratio had jumped back into the positive region at 0.002%.
Funding Rate refers to the cost of keeping a contract open in the market. However, it also measures the kind of expectations have. For example, when the metric is negative, it implies a bearish sentiment.implies that a large number of traders now anticipate a Toncoin price increase. They also expect to profit from the rise.At press time, TON’s price was $7.66. This was a 2.01% increase in the last 24 hours.
OI refers to the total value of open contracts. It is important to note that this indicator does not show if there are more longs than shorts. This is because for every long position, there is a short one. Thus, the signal it shows is if net positioning is increasing or otherwise. An increase indicates a rise in net positioning, while a decrease suggests otherwise.
According to Coinglass, Toncoin’s Open Interest was $303.53 million. This was also an increase, meaning that speculative activity has been improving from the previous day.Should this continue to be the same in the coming days, then TON’s price would mostly likely continue its upward run.Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free.
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