- Over 240,000 TON transferred to exchanges, signaling increased selling pressure.
- Toncoin’s price drops to $4.87, nearing key support levels at $4.80.
- RSI and MACD indicate bearish momentum, but a potential reversal is possible.
In the past week, over 240,000 Toncoin ($TON) tokens have been transferred to exchanges, signaling an increase in selling pressure. This uptick in supply on exchanges aligns with a notable price decline for Toncoin.
As highlighted by Ali Martinez using on-chain data from Santiment, the influx of TON tokens suggests increased market activity and growing investor caution.The current price of $4.87 marks a significant drop from approximately $5.70, with the token now hovering near key support levels. If the trend continues, further downside movement may be imminent.
Price Overview and Market Sentiment
Toncoin’s recent market performance reflects a decline in both its price and overall market activity. As of press time, the price stands at $4.87, down by 1.81% in the past 24 hours. The market cap has also decreased slightly to $12.12 billion, while the 24-hour trading volume has dropped by 33.75%, indicating a slowdown in market momentum.
These metrics suggest that the recent price pullback may be a result of reduced interest and weaker investor confidence. With a circulating supply of 2.48 billion TON tokens out of a total supply of 5.12 billion, the market remains sensitive to large movements.
Technical Analysis and Key Levels
Toncoin’s price action has formed a downward trajectory, reflecting a lack of strong bullish momentum. The chart shows a decrease in trading volume, further indicating a decline in market interest. As the price struggles to maintain upward momentum, key support and resistance levels have emerged.
Immediate support is found at $4.80, a level where the price has previously stabilized after minor declines. If this support fails to hold, a deeper pullback toward the $4.70 level is likely. On the resistance side, the $4.90 level serves as the first hurdle, while $5.00 represents a critical psychological resistance. A break above this could signal a potential trend reversal.
RSI and MACD Indicators Suggest Caution
Technical indicators such as the RSI and MACD further reinforce the bearish sentiment surrounding Toncoin. The RSI stands at 39.55, indicating that the token is currently in bearish territory, though it is approaching oversold conditions. Hence, if buyers begin to step in, a reversal could occur.
Additionally, the MACD remains below the signal line, confirming the bearish trend. However, the narrowing histogram suggests that the selling pressure is easing, which could indicate a shift in momentum if buying interest returns.