The cryptocurrency market is preparing for a significant bull run, fueled by optimism surrounding the upcoming U.S. presidential election results. This bullish sentiment could benefit high-performing assets like Toncoin (TON), which is looking to regain its upward momentum. Currently trading at $4.70 with an intraday loss of 3.3%, Toncoin has a market cap of $11.9 billion and a 24-hour trading volume of $234.4 million, according to CoinGecko.
Whale Accumulation and Exchange Outflows Signal Potential Price Rally Data from Santiment reveals that the percentage of TON supply held by top addresses has increased from 23.7% to 27.5% over the past three months. This upward trend is often indicative of growing confidence among major investors regarding the asset’s long-term potential. Historically, such whale accumulation has been associated with price bottom formations and has served as a precursor to sustained uptrends.
Additionally, the TON supply on exchanges has sharply decreased from 2.54 million to 1.68 million in the last two months. This reduction in exchange supply can create upward price pressure when demand rises, often signaling an impending rally.
Decline in MVRV Ratio Indicates Potential Market Rebound Amid recent market corrections, the 30-day Market Value to Realized Value (MVRV) ratio for TON has fallen to -6.6%. This metric compares an asset’s market capitalization to its realized capitalization, providing insight into whether the asset is overvalued or undervalued. A negative MVRV ratio suggests that short-term buyers may be at a loss, which could lead to capitulation if the correction persists. However, such exits by speculative traders often attract long-term buyers, fostering market recovery.
Price Analysis Signals Breakout from Four-Month Correction Over the past four months, Toncoin has experienced a steady correction, declining from $8.17 to $4.70—a loss of 42%. The daily chart reveals a downsloping trendline that has provided dynamic resistance. With the crypto market gearing up for a bullish outlook surrounding the U.S. elections, Toncoin’s price has shifted from a bearish trajectory to a more sideways movement. If sustained buying momentum continues, the price could challenge the dynamic resistance, potentially leading to an 8.5% surge. A breakout above this resistance could propel the asset by 74%, targeting a price of $8.20.
As the market anticipates the election outcome, Toncoin’s price movements and the behavior of major holders will be critical indicators of its potential for recovery and growth in the coming weeks.
Related Topics:
