- Over 240,000 Toncoin moved to exchanges, signaling increased selling pressure.
- Toncoin faces strong resistance near $5.20, with key support at $4.70.
- RSI in oversold zone suggests potential reversal, but weak buying momentum.
In the past week, over 240,000 Toncoin ($TON) have been transferred to exchanges, signaling a rise in selling activity. On-chain data from Santiment, as analyzed by Ali Martinez, indicates a noticeable increase in supply on exchanges, which could lead to continued downward pressure on the asset’s price.This surge in exchange inflows comes amidst a two-week decline in Toncoin’s value, suggesting that the market is facing heightened bearish sentiment.
Key Price Levels and Market Outlook
Toncoin’s price has dropped significantly over the last two weeks, with current support levels hovering around $4.70. If the selling pressure continues, a breach of this level could lead to further price declines, potentially testing lower support levels.
Source: X
Resistance, however, appears near the $5.20 mark, indicating that any upward movement will likely face obstacles. The price is currently trading at $4.83, down 2.34% in the last 24 hours. The market’s next moves will heavily depend on whether the selling pressure subsides or intensifies.
On-Chain Data Reflects Bearish Sentiment
The Toncoin spot inflow/outflow chart from Santiment shows a consistent net outflow pattern, reinforcing the bearish outlook. Notably, significant outflows in mid-August and late November coincided with sharp price drops, further emphasizing the link between exchange outflows and declining prices.
Source: Coinglass
On the other hand, modest inflows suggest limited buyer demand. This pattern of persistent outflows is an indication that sellers are currently dominating the market, and the sentiment remains negative.
Technical Indicators Point to Weak Momentum
TON/USD daily price chart, Source: Trading view
Key technical indicators further support the bearish sentiment. The Relative Strength Index (RSI) currently stands at 38.26, which is in the oversold zone. This suggests that Toncoin may be due for a reversal or consolidation, but weak buying momentum is preventing a strong recovery.
Additionally, the Moving Average Convergence Divergence (MACD) is in bearish territory, with the MACD line below the signal line. While the histogram shows diminishing negative momentum, this may indicate that the bearish pressure is slowing down rather than reversing.
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