TON coin could be one of the most attractive coins in the next phase of the crypto market’s recovery.
The coin experienced a massive drawdown (over 72%) from its December peak to recent lows.
According to IntoTheBlock, Ton coin whales have been buying back at discounted prices especially on the way down.
Historical concentration data revealed that whale holdings grew to 3.34 billion TON as of 26 March.
Whales held 66.9% of TON coin supply at that time, which is a considerable gain from 3.25 billion TON (64.99%) as of 1 January.
TON coin whale accumulation has historically preceded a major rally. This latest observed accumulation by the same cohort of buyers could signal that the market may be preparing for more upside.
Will TON Coin’s Latest Upside be Subject to Short-Term Profit-Taking?
TON coin has already achieved a considerable recovery since 11 March, rallying by 64% at its $3.98 press time price tag.
This gain underscores the possibility of short term profit-taking especially amid rising tariff war intensify and uncertainty around expiring options.
Although it was not yet oversold according to the RSI, the money flow indicator was already flashing signs of being overheated.
This could potentially signal a high probability of a weekend retracement.
The probability of short term profit-taking is further supported by the historical significance of its current price point.
It previously struggled with some sideways price action in the first half of February.
Investors that bought back after 11 March may therefore be incentivized to take profits.
However, this may not necessarily be the case if investors feel that there is potential for more upside in the short term.
Profitability at 20% Despite Recent Rally
IntoTheBlock data revealed that 90% of TON coin holders were out of the money at the time of observation. Only 9% of holders were in profit, while 5% were at breakeven.
In addition, 92% of all the HODLed TON coin was HODLed or unmoved in the last 12 months. Only 3% was acquired in the last 4 weeks.
This could signal that demand is still weak at its current level. On the other hand, this could be a sign that the market is still fearful of more potential downside.
However, the fact that only 9% of holders are in profit despite the latest upside confirms that there is a lot of liquidity above TON coin’s latest price levels. This may dilute the need to take profits.
Meanwhile, the whale accumulation and the fact that price TON coin price is still heavily discounted could boost the coin’s attractiveness.
These factors may have already contributed to its latest bullish recovery. But the big question is, can it maintain the same bullish energy in April?
The post TON Coin Whale Holdings Approach 67%, Intense Accumulation Ensues appeared first on The Coin Republic.
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