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Toncoin (TON) has seen its value increase by 8.15% over the past seven days, pushing the altcoin to $5.26 for the first time since October 21. This recovery has reaffirming the confidence of Holders who once lost faith in this cryptocurrency.
This development leads to a reduction in the number of Holders incurring unrealized losses. Blockchain analysis also points to the possibility that TON’s price could move higher in the coming days.
Toncoin’s profits increased: 22.81% Holders are now Profitable
Toncoin’s recovery comes on the back of a broader recovery, taking the total Cryptocurrency market capitalization to $2.75 trillion. As a result, the Historical In/Out of Money Index (HIOM) shows that 21.91 million TON addresses are currently profitable.
This number accounts for 22.81% of the total number of Holders. There are 17.59 million addresses, or 18.31% of Holders, reaching break-even point, while 58.88% are currently at a loss. By analyzing this data, HIOM reveals the percentage of Toncoin wallet addresses that would make a profit or loss if they sold the asset at any given time.
Furthermore, the change in the number of profitable addresses indicates market movement, suggesting whether the buyers or sellers are dominant.
When the percentage of profitable addresses increases, it implies the strength of the buying side, as many holders are likely to profit by continuing to hold or buy more. Conversely, a decline in profitable addresses could signal sell-side pressure, as few holders are profitable, which could lead to sell-offs and impact TON prices.
Therefore, the increase in the number of profitable Toncoin holders suggests that more participants may be incentivized to buy more. If this continues, the 58.88% of people currently losing money will likely decrease.
The Money Flow Index (MFI) is another indicator that supports this shift. This index measures buying and selling pressure through volume and data. As seen on the daily chart, the MFI index has increased, indicating that Toncoin’s recovery could continue with buying pressure behind it.
TON price prediction: Likely increase to 6.15 USD
On the daily chart, the altcoin’s recovery encountered a resistance at $5.28. However, this resistance is not large enough to cause a double-digit correction. This is largely thanks to underlying support at $4.92.
The Fibonacci retracement indicator also points to another solid support at $4.78. Given this position and the presence of significant buying pressure, TON’s price is likely to rise to $6.15. But this will only happen if the seller cannot overcome control from the buyer.
However, if buyers fail to defend the $4.92 and $4.78 support levels, this prediction may be invalidated. In that case, TON could drop to $4.46.
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