The price of Toncoin has been declining consistently, with more than a 30% dip since December. It has since formed a descending channel pattern, with the price constantly forming lower highs and lower lows.
Things could even get worse for the token, as some metrics suggest many holders could be about to dump the token more
According to crypto analyst Ali, over 240,000 TON tokens have made their way to various cryptocurrency exchanges within the past week alone.
TON Market Sentiment Takes a Hit
The substantial influx of tokens to exchanges, as highlighted by Ali through Santiment’s on-chain data analysis, could signal a bearish outlook for TON price in the immediate future. Traditionally, when large quantities of tokens are moved to exchanges, it often indicates that holders are preparing to liquidate their positions.
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These recent developments have caught the attention of market participants, with Ali’s analysis suggesting that the current price dip might be far from reaching its bottom. The movement of such a significant amount of TON tokens – 240,000 in total – could potentially trigger a cascade of selling events if these tokens are indeed listed for sale on exchanges.
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