Toncoin (TON) holders record gains as supply in profit climbs to weekly high – analysis by BeInCrypto
Toncoin (TON) holders are seeing their investments pay off. The supply of coins held at a profit has reached a new weekly high, following a decline to a seven-month low.
This surge in profitability comes just a week after Telegram CEO Pavel Durov broke his silence regarding his arrest in France.
Following Pavel Durov’s public condemnation of his arrest on September 5, market sentiment has shifted positively towards Toncoin. The value of the Telegram-linked asset has surged by 15% over the past seven days, bucking the general market downtrend.
As Toncoin’s price climbs, the percentage of its total supply held in profit has also surged. At press time, it sits at a seven-day high of 53%.
This rise in profit has led to a shift in strategy among TON’s short-term holders. Data from IntoTheBlock reveals that many addresses that purchased the coin in the past month are now holding onto it, resisting the urge to sell.
TON’s technical setup confirms that the altcoin is poised to extend its gains. For example, the Moving Average Convergence/Divergence (MACD) indicator — which tracks trend direction, shifts, and potential price reversal points — confirms the growing demand for the altcoin. At press time, TON’s MACD line (blue) rests above its signal line (orange) and is making its way toward the zero line.
If TON maintains this uptrend, it will target resistance at $6.8.
However, a spike in profit-taking activity may invalidate this bullish projection. If selling pressure gains momentum, it will pull Toncoin’s price to $4.46.
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