96% of TON Holders Still in the Red Despite Recent Rebound

New York—Correspondent Jaehyung Park—TONcoin (TON) has rebounded over 3.5% in the past 24 hours, but 96% of its holders remain in a loss position.

Most Holders at a Loss

According to blockchain data analytics platform IntoTheBlock, 96% of TON holders are currently in the loss zone (Out of Money). The TON network recently witnessed a net outflow of $36.77 million, with large holders comprising 96% of the total addresses.

Over the past week, TON experienced a significant drop, falling below the crucial support level of $2.40 and momentarily reaching $2.39. However, it has since bounced back within 48 hours and is currently trading at $2.66.

Decline in Trading Volume and Investor Sentiment

Even though the price of TON has rebounded, trading volume has decreased by 36.78%, now standing at $187.17 million. This suggests that investors remain cautious.

TON had previously garnered industry attention with rapid growth; however, recent declines have heightened anxiety among market participants.

Future Outlook for TON

For TON to regain a strong upward momentum, it is crucial to break through the resistance range of $2.70 to $2.80. Nevertheless, considering the current decrease in trading volume and the substantial losses faced by holders, short-term volatility might persist.

Industry experts affirm that maintaining the psychological support level of $2.40 is vital for TON. To achieve further gains, an influx of new buying interest is required, they analyze.