Recent data from IntoTheBlock reveals that a staggering 86% of Toncoin (TON) holders are currently at a loss, with only 9% in profit at the current price of $4.63.
Another 5% of holders are breaking even, highlighting the tough market conditions many investors are enduring.
The report also sheds light on the holding patterns of TON investors. A mere 5% of wallets have held Toncoin for more than a year, indicating a relatively small group of long-term holders.
On the other hand, 62% of wallets have held TON for less than a year, while 33% have held the asset for under a month, suggesting that a large number of recent investors are experiencing losses in the short term.
https://twitter.com/TheTONReport/status/1831739157363950006?t=G9OaaENQqpYo5-6uY2yvrw&s=19
These figures paint a challenging picture for many TON holders as market volatility continues to create uncertainties.
Adding to the concern, crypto analyst Ali Martinez warns that Toncoin must regain the $4.70 support level soon to avoid a deeper correction. Should $TON fail to hold this level, Martinez predicts a potential 45% decline, which could bring the price down to $2.60.
#Toncoin needs to reclaim the $4.70 support level soon. If $TON fails to do so, a 45% correction down to $2.60 could be likely. pic.twitter.com/Jv0V47sXjQ
— Ali (@ali_charts) September 4, 2024
This data emphasizes the precarious position that many Toncoin investors find themselves in, as the market awaits crucial price movements that could either stabilize or further shake confidence in the asset. With a large percentage of recent holders, it remains to be seen how long-term investors will fare in the current market climate.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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