Toncoin (TON) is one of the few altcoins that appears to be making a bullish move in the current market conditions.

Investors seem bullish in their behavior and may favor another rally.

Holder TON shows confidence

TON investors are looking forward to another bull run as they tend to hold on to the asset instead of taking profits.

Evidence of this can be seen in the active deposit index. Active deposits refer to unique deposits made by an address on an exchange. A spike in this index signals possible selling from investors, which drives a bearish outcome.

However, TON holders are reluctant to sell as active deposits have hit a two-month low. This shows that they are expecting a price increase in the coming days.

Toncoin Active Deposits | Source: Santiment

This sentiment is further reinforced by the shift in supply from short-term holders to medium-term holders. Short-term holders are those who hold their coins for less than a month, while medium-term holders are those who hold their coins for a month to a year.

Therefore, the dominance of short-term holders in the supply is considered a bearish sign as they tend to sell more. However, about 7% of the entire circulating TON supply from this pool has now moved to the medium-term holder pool.

Toncoin supply distribution | Source: IntoTheBlock

This increased their holdings to 50% of the TON supply. Therefore, Toncoin price could benefit from this change in sentiment.

TON Price Prediction: Retest of all-time highs

TON price has broken out above a parallel descending channel, which has been in place since the $7.50 high on May 13. This suggests that the short-term correction is over and the price could be at the start of one. new price increase.

The RSI 4 has now risen above the 50 level and sloping up, favoring the possibility of further gains.

TON/USDT 4-hour chart | Source: TradingView

Combined with positive on-chain signals, TON price is likely to retest the resistance zone at the all-time high of $7.5 in the near term.

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