Toncoin Price Drops 5.4% Amid Signs of Potential Reversal
Toncoin (TON) has faced a challenging week, with its price decreasing by 5.4%, diverging from the broader cryptocurrency market's gradual recovery. Key points include:
- CryptoQuant analyst Joao Wedson suggests potential signs of a price reversal based on open interest data.
- Open interest delta has consistently increased during volatility spikes, historically preceding price surges.
- Toncoin has declined approximately 11% over the past two weeks, despite gains in the wider market.
- Significant transfers to exchanges indicate rising sell-off pressures, with over 240,000 TON moved recently.
- Current trading price is $4.84, up 0.4% today, but insufficient to reverse the ongoing correction.
