Toncoin’s bearish turn – What are holders up to after failed recovery attempt?

• After showing signs of recovery, Toncoin’s hopes were dashed by a wave of selling from whales
• The token lost 32% of its value in just five days, with no relief in sight from the selling pressure

Toncoin [TON] was on an upward trajectory a week ago, surpassing the $3.95 resistance level towards the end of March and forming higher lows along the way. This positive momentum suggested a potential recovery towards $4.8.

However, early April saw a surge in whale activity, leading to a spike in daily transactions and indicating a looming sell-off. Since then, TON has experienced a 26.6% decline in just 8 days.

Is the selling pressure now stronger than it was in late March?

Concerning Indicators for Toncoin Bulls

Source: Glassnode

The spent output profit ratio (SOPR) not only tracks the selling of TON at a profit or loss but also compares the coins’ realized value to their creation value. A drop below 1 indicates coins being sold at a loss. The SOPR briefly surpassed 1 towards the end of March during TON’s apparent recovery.

Source: Glassnode

The HODLer net position change metric indicates the monthly position change of long-term holders, derived from the coin liveliness metric. It shows a transition from accumulation to distribution, with recent data suggesting a shift towards distribution as holders sell off their positions.

Source: TON/USDT on TradingView

The market structure of TON took a bearish turn on 27 March when it broke below the $3.95 level, accompanied by a negative CMF indicating high selling pressure. The token’s value plummeted by 32% in just five days, with the current outlook leaning towards a bearish trend.