Toncoin (TON) is currently facing major selling pressure, with its price dropping by 6.5% over the last three days to $6.59. The ongoing Toncoin selling pressure is raising alarms among investors, with over $5 billion in potential profits now hanging in the balance.
Despite Toncoin’s overall bullish trajectory, the growing selling pressure is causing concern. A substantial number of investors purchased 793 million TON tokens when the price ranged between $6.12 and $6.77. This supply, valued at approximately $5.2 billion, is now vulnerable as the Toncoin selling pressure continues to build.
The Battle Between HODLing and Selling Amid Toncoin Selling Pressure
The current market landscape reflects a deep divide among TON investors. As the Toncoin selling pressure mounts, some investors are determined to hold onto their positions, while others are contemplating selling to secure profits. The Global In/Out of the Money (GIOM) indicator highlights this tension, showing that most TON holders bought their tokens within the critical $6.12 to $6.77 range. With the price hovering around this level, the ongoing selling pressure is pushing many to consider cashing out.
Recent data from Santiment adds to the complexity of the situation, showing a notable increase in active deposits. This surge is a clear indicator of Toncoin selling pressure, as more TON tokens move from private wallets to exchanges. Such activity typically precedes a sell-off, signalling that the selling pressure could intensify further.
Expert Insights: Can Toncoin Overcome the Selling Pressure?
Market analysts are closely monitoring the Toncoin selling pressure, with many suggesting it could be the deciding factor in the cryptocurrency’s near-term performance. David Miller, a senior analyst at Crypto Insights, stated, “The selling pressure is at a critical point. If this pressure can be absorbed and the price breaks above the $7 resistance level, we could see a resurgence in bullish sentiment. However, if the selling pressure pushes the price below the $6.43 support level, it may trigger a broader market sell-off.”
Miller’s analysis highlights the high stakes for TON investors. Should the Toncoin selling pressure subside and the price break through the $7 barrier, it could pave the way for a rally towards $7.53 and potentially towards Toncoin’s all-time high of $8.28. Conversely, if the selling pressure forces the price below $6.43, it could lead to a more extended downturn, with significant implications for investors.
Toncoin Price Forecast: Aiming for the $7 Mark Amidst Toncoin Selling Pressure
Toncoin’s price has recently dropped by 6.5% to $6.59, but despite the ongoing Toncoin selling pressure, there are indications that the cryptocurrency might still be positioned for an upward trend. The demand, driven by the prospect of $5.2 billion in profits, seems resilient enough to withstand the current selling pressure.
If Toncoin can overcome the
selling pressure and break through the critical $7 resistance level, it could mark the beginning of a significant recovery. Surpassing this threshold might pave the way for a rally towards $7.53, potentially setting up a move towards its previous high of $8.28. However, the Toncoin selling pressure remains a key challenge.
On the other hand, if the Toncoin selling pressure pushes the price below the $6.43 support level, it could lead to a further decline to around $6.04. Such a drop would undermine the bullish outlook, prolonging the wait for investors looking to realise profits amidst the ongoing selling pressure.
As Toncoin contends with this persistent selling pressure, investors are faced with difficult choices. The decision to hold or sell under the weight of selling pressure could have profound consequences, with over $5 billion in potential profits on the line. The coming days will be crucial in determining whether Toncoin can withstand the selling pressure and maintain its upward trajectory or if it will falter, leading to further losses.
For now, the market remains tense, with all eyes on how Toncoin selling pressure will influence the cryptocurrency’s future. The outcome could have lasting effects, not just for TON investors but for the broader crypto market as well. The Bit Gazette has the latest crypto news and expert analysis.
