This is why the supply of Toncoin has reached new highs with profits.

Toncoin (Ton) Holders Record Gains As Supply In Profit Climbs To Weekly High


Toncoin (TON) holders are seeing their investments pay off. After falling to a seven-month low, the supply of profit-held coins reached a new weekly high.

The surge in profitability comes a week after Telegram CEO Pavel Durov broke his silence on his arrest in France.

Toncoin supply by profit skyrockets

Following the public condemnation of the arrest of Pavel Durov on September 5, the market sentiment turned positive towards Toncoin. The price of the Telegram-related asset has risen by 15% in the past seven days, leading to a general market collapse.

Binance

As the price of Toncoin increases, the percentage of the total supply increases exponentially. At press time, it was sitting at a seven-day high of 53%.

Total supply of Toncoin at a profit. Source: Santiment

According to sentiment data, TonCoin's profitable supply hit a seven-month low on September 8, but the number of Toncoins held in profit increased to 6.13 million as trading activity picked up following Pavel Durov's statement. An increase in an asset's supply at a profit indicates that a large amount of circulating supply is worth more than when it was originally purchased.

This increase in dividends caused a shift in strategy among tons of short holders. According to data from IntoTheBlock, many addresses that bought the coin in the past month are now holding on to it, resisting the urge to sell.

Read more: 6 Best Toncoin Wallets in 2024

Toncoin Addresses Timed
Toncoin addresses timed. Source: IntoTheBlock

This is a big sign because short-term holders, often known as “paper hands,” often sell their coins at the first sign of trouble. But this group of ton holders is holding on to their coins, indicating their willingness to benefit from the ongoing price rally.

Ton Price Forecast: Centime needs more profit

A ton of technical setups confirm that the altcoin is poised to extend its gains. For example, the Moving Average Convergence/Divergence (MACD) indicator – which tracks trend directions, shifts and potential price reversal points – confirms the growing demand for altcoins. At press time, the tone McDade line (blue) rests above the signal line (orange) and is moving toward the zero line.

When an asset's MACD line rises above its signal line, the short-term momentum is stronger than the long-term momentum. A cross above the zero line further confirms the rise, strengthening the possibility of a further rally. If the ton continues this growth, it will target resistance at $6.8.

Read more: Which are the best Altcoins to invest in September 2024?

Token Price Forecast
Toncoin Daily Analysis. Source: TradingView

However, an increase in profit-taking activity may invalidate this bullish forecast. If the selling pressure gains momentum, it will drag the Toncoin price to $4.46.

Disclaimer

In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.

Pin It on Pinterest