Key Takeaways
- Toncoin wallets in profit fell sharply to 65%, down from 90% a week ago, reflecting heightened market volatility.
- 85% of Toncoin holders acquired the asset within the past year, highlighting a short-term investment trend.
- Toncoin faces critical support at $6.50 after retracing recent gains, with further consolidation likely.
Toncoin (TON) holders have seen a dramatic shift in profitability as the volatile cryptocurrency market impacts wallet returns. IntoTheBlock data indicates that only 65% of wallets holding TON are currently in profit, down from 90% a week ago.
Also, 25% of wallets are now in loss, and another 11% are at breakeven, signaling changing market sentiment. All this turmoil is amidst the notable trading activity of TON. More than $51.97 billion worth of transactions above $100K were made in the last week, showing high-value active trades.
Dominance of Short-Term Holders
A deeper dive into wallet ownership suggests that 85% of the holders of Toncoin have held the asset for less than a year, while 12% acquired it in the last month alone. That demonstrates a speculative bias among participants. Only 3% of wallets have held Toncoin for more than one year-a hint at the lack of long-term conviction among holders.
Geographically, 61% of the Toncoin transactions occur in western trading hours, the rest in Eastern markets. These dynamics suggest a regional preference for trading, which could help determine price movements.
Toncoin Critical Levels as 2025 Approaches
The recent performance of TON flipped the $6.50 resistance into support during its November rally, in which it surged 50%. December started on a bullish note as it delivered 14% gains in the first week. However, a pullback has erased those advances, and TON now trades near $5.93, down 9% on the day.
Technically, TON needs to break above $7.20 for a bullish continuity, with the $7.50 level acting as a prop toward the $8.24 all-time high. Failure on upside may ensure below $5.45 will create room for declines toward $5.28.
Technical indicators are mixed. points to possible downward pressure. The 14-day RSI of 55 shows waning bullish momentum. As the beginning of 2025 draws near, traders remain watchful around these levels, looking for signs of which way the price action of Toncoin may eventually go.
Related Reading | Litecoin and Its Technological Impact
