What's keeping Toncoin (TON) from reaching an all-time high

Toncoin (TON) has become one of the few altcoins to show a bullish trend in the current market conditions.

Investor optimism could push TON to a new all-time high in the coming weeks.

Investors remain confident in Toncoin

Toncoin is trying to break above the key resistance level. This time, the breakout could be successful as investors are showing bullish sentiment, preferring to hold assets rather than take profits.

Proof of this is the metric of active deposits on the exchanges. Its rise signals a potential sell-off, favoring a bearish outcome.

The chart below shows that TON's active deposits have hit a two-month low. This means that holders are expecting growth.

In addition, the number of concentrated medium-term coin holders has increased by 7% over the past few days. This increased their share to 50% of the supply, which amounts to 5.2 million TON worth $33.8 million. If the trend proves to be sustainable, another rally may await the price of the asset.