Toncoin's on-chain indicators are all flashing green as the cryptocurrency market retraces. However, there is a catch, as TON's value has been slowly moving up during the market's downturn but stopped gaining as soon as the reversal kicked in.
With the net network growth currently at 3.09%, this is one of the key on-chain indicators indicating bullish results. With more people showing interest and participation, this positive growth suggests a consistent rise in the number of active addresses on the Toncoin network.
The In the Money metric, which is currently 2.11% bullish, is another powerful indicator. The percentage of holders who are profitable at the current price is displayed in this metric, indicating that a substantial portion of the market is profitable and likely to hold or accumulate more TON, supporting upward price momentum.
TON/USDT Chart by TradingView
Another bullish indicator is the concentration of large holders, which shows a 0-40% positive signal. Whales and large investors appear to be accumulating TON, which is indicative of their belief that the asset will appreciate in value in the future based on this concentration. Large transactions, which have demonstrated an increase of 8.83%, provide the fourth bullish signal.
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The rise in significant transactions adds credence to the bullish picture for Toncoin by indicating increased activity and interest from major players. The market sentiment for Toncoin as a whole is, at last, mostly bullish, with four bullish indicators and no bearish or neutral signals.
Toncoin's price fluctuation can still be influenced by the current state of the market despite the stalemate we are witnessing right now. If the bullish indicators that are currently in place are any indication, TON may be about to make a significant move and may soon hit $8. However, stay up to date on the current state of the ecosystem and avoid making moves that seem too risky.
