As a seasoned crypto investor with a penchant for high-potential assets and a knack for navigating volatile markets, I find myself standing before another test of patience and resilience – Toncoin (TON). After witnessing its impressive bull run earlier this year, reaching an all-time high in June, the subsequent drop to nearly 40% below that peak has left me, along with many others, nursing losses.
TL;DR
- Toncoin (TON) saw a sharp drop from its June high, currently trading 40% lower amid negative news, leaving nearly 80% of its investors at a loss.
On-chain metrics suggest that the asset’s price may tumble even more in the near future.
TON Investors Take a Blow
2024 saw a significant surge for Toncoin (TON), with its price reaching an unprecedented high of nearly $8.20 in mid-June. However, by the end of August, the asset’s momentum slowed down, and it is now trading around $4.80 – a 40% drop from its summer peak.
After the arrest of Pavel Durov, the founder and CEO of Telegram, the price began to decrease. This happened because he was detained in France due to allegations that the messaging app was being used for illegal activities like drug trafficking, fraud, and child sexual abuse.
Toncoin, or TON, shares a connection with Telegram as it’s the indigenous digital currency on The Open Network – a blockchain initially created by the Telegram messaging app.
Predictably, TON‘s decline has put investors of the asset in a tough spot. According to data from IntoTheBlock, approximately 80% of the holders are currently experiencing losses on paper, while just 9.3% are seeing profits.
Among the leading fifteen cryptocurrencies, only Cardano (ADA) has a higher percentage of investors underwater. At present, approximately 85% of its holders are experiencing losses.
The Correction Might Continue
One important metric suggesting that TON’s price could be on the verge of a further decline is the on-chain signal Large Transactions, which is down 0.46% daily. It is a momentum indicator showing the change in the number of transactions greater than $100,000.
Previously in the current week, well-known crypto analyst Ali Martinez suggested that TON should regain the $4.70 support level swiftly to avoid a potential drop to around $2.60. It’s worth mentioning that the asset’s value surpassed this mentioned price point on September 6th.
Toncoin should regain its $4.70 support point promptly. In case it doesn’t, there might be a potential drop of about 45%, bringing the price down to around $2.60.
— Ali (@ali_charts) September 4, 2024
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2024-09-06 23:38