- 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
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.
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.
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