The cryptocurrency TON Coin (TON) is facing increasing challenges that could drive its price below the $5 mark. Since September 28, the value of this token, associated with the popular messaging app Telegram, has experienced a steady decline, with a 10% drop recorded in recent weeks.
On-chain and technical analyses suggest that further downward movement could bring the price down to monthly lows. Data from Santiment indicates that the number of TON tokens on exchanges has risen sharply, reaching 1.6 million—a 7% increase over the past week. This uptick in exchange holdings often signals bearish sentiment, as traders typically move their tokens from private wallets to exchanges in preparation for selling.
TON Coin Price May Drop Below $5
Additionally, the number of TON tokens held outside of exchanges has decreased to 9.93 million, indicating a trend of profit-taking among investors.
Moreover, the net flow of TON held by whales—those holding more than 0.1% of the circulating supply—has plummeted by 143% over the past week, according to data from IntoTheBlock. This sharp decline suggests that these large holders are offloading their assets, which could create uncertainty and fear among smaller investors.
Given the increasing exchange supply and the waning activity among whales, TON Coin may continue its downward trajectory, potentially falling to around $4.42. However, should market sentiment improve, there remains a possibility for the price to overcome resistance at $5.90 and rise to $6.81.
Investors will be closely monitoring these trends as they navigate the volatile landscape of cryptocurrency trading.
You May Like These Too:
- X Empire Game Announces Final Airdrop Criteria Following Mining Phase Completion
- CryptoKitties Returns with Telegram Game, Bypassing TON Blockchain
- CATS Token Listed Starting Price at $0.00007
- X Empire Token Price Prediction: What Is The Listing Price?
- Rating Purchase with Stars Set to Be Disabled in Major Game
- X Empire Lisitng Date and TGE Confirmed [+Eligibility Critria for $X Airdrop]