All levels of TON addresses have increased, indicating a high demand. Although open interest has dropped, data shows that bulls may soon break through the resistance level of $8.17.
According to IntoTheBlock, only 1% of Toncoin (TON) holders are in a loss position. The blockchain analysis platform also shows that 90% of companies are profitable, while the remaining companies are at the break-even point.
A large number of holders outside the red zone may be related to the price of TON. At the time of writing, TON is valued at $7.65. Previously, altcoin had reached a peak of $8.23. But that’s not all.
TON accumulation continues. On-chain analysis by AMBCrypto shows that 100% of TON holders may soon realize profits. This can be seen from the signs of holding distribution.
This indicator divides ownership of assets into multiple groups. It also tells a specific group whether they are buying, selling, or whether more market participants are adopting the token.
As of the time of writing, we have noticed that the number of addresses in the 1 ton to 10 million ton group has been increasing. Such growth indicates confidence in the token’s potential.
In addition, this means that the attractiveness of the TON network is greater, and the demand for cryptocurrencies is increasing. If this situation continues into next week, TON may continue to rise on the basis of its 8.15% seven-day increase and may exceed $8.
Another indicator supporting this prediction is GIOM, which stands for Global In/Out Money. This is an indicator that measures the amount of buying within a certain price range, while also serving as a support and resistance indicator.
It is worth noting that the higher the number of addresses at a certain point, the greater the support or resistance it can provide. At the time of writing, we observed 259 addresses accumulating 117,180 tons, with prices ranging from $8.07 to $8.17.
However, 1,310 addresses purchased 476,270 tokens, with prices ranging from $7.21 to $7.48. The large number of addresses in this area indicates strong support for TON.
Therefore, if demand increases, breaking through the key level of $8.17 may not be challenging. If this happens, the price of Toncoin may retest $8.32, allowing 100% of holders to make a profit.
Meanwhile, Open Interest (OI) is an indicator that may become a stumbling block for this prediction. OI measures the value of open interest contracts in the market. If it increases, it means that traders are injecting new funds into the market.
However, a decrease in OI indicates that traders are exiting positions and withdrawing liquidity from the market. At the time of writing, TON’s OI has dropped from $96.54 million to $93.8 million.
Regardless of reality, the following is TON’s ETH market value. In terms of price, this indicates a weak upward trend. If OI starts to rise from its previous peak, TON can almost certainly rise to $8.
However, based on the current situation, more holders may need some time to reach the profit zone.
