Over the past week, Toncoin experienced a significant increase in tokens transferred to exchanges, indicating rising selling pressure. As a result, the token's price is declining.
Increased Supply to Exchanges
On-chain data from Santiment reports that Toncoin's supply on exchanges has steadily increased. Historically, similar movements in the crypto market have meant subsequent price dips. Transfers from cold storage to exchange hot wallets often indicate short-term bearish trends when buy-side strength isn't sufficient to absorb the selling pressure.
Current Toncoin Price Dynamics
Toncoin's price has dropped 0.71% over the past 24 hours, currently sitting at approximately $4.81. Its market capitalization was $11.98 billion at the time of writing, with daily trading volume up by 32.59%. The influx of TON tokens onto exchanges reflects the current bearish market sentiment, leading to a decline in price. Following peaks of around $4.89, the price has steadily decreased.
Technical Analysis and Price Prediction
Further upside potential seems unlikely without strong buying support for Toncoin. The Toncoin price is skirting challenging resistance levels. If the downtrend continues, the next significant support is around $4.70, potentially dropping to $4.50. The oscillator histogram indicates weak momentum, dominated by red bars.
A quick recovery for Toncoin's prices is unlikely given the increased supply on exchanges. Investors should watch for signs of market stabilization.
