Toncoin To Confront Mega 46.19 Million TON Sell Wall Zone

Toncoin (TON) has encountered a challenge moving past the $5 price range due to a massive 46.19 million TON sell wall keeping it at bay.

Given recent trends that suggest stagnation, investors are left wondering if Toncoin’s price can break free from this constraint.

Toncoin and the Bull Market Cycle

At the time of writing, TON price was trading at $5.43, down 1.39% in the last 24 hours. However, Toncoin increased slightly by 1.01% in the past week and 5.7% in the past month, per CoinMarketCap data.

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This growth trend is modest, especially compared to other top altcoins. Nonetheless, TON is now ranked as the 13th-largest cryptocurrency by market capitalization, valued at $13.86 billion.

Toncoin rallied to the $5 level earlier in the month amid bullish sentiments in the broader crypto market. Experts even forecasted a $100 price for TON by 2025. This prediction assumes continued network growth and adoption.

Toncoin has gained traction as one of the best-performing altcoins of 2024. For instance, Tether announced its plans to launch a Dirham-pegged stablecoin on the TON blockchain.

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This collaboration enhanced Toncoin’s liquidity, further increasing its adoption among users. This year’s surge in Toncoin’s price partly hinges on its deep ties with Telegram. This link has made it easier for users to engage with TON services directly through their existing messaging app.

Toncoin operates on The Open Network (TON), enabling fast, low-cost transactions with scalable blockchain architecture.

The Major Resistance Level to Watch

Unfortunately, around 40.13% of Toncoin holders are currently “out of the money,” meaning they bought in at higher prices, per IntoTheBlock data.

On the other hand, 35.1 million addresses, representing 35.6% of TON holders, are “in the money.” The IntoTheBlock data shows that as much as 46.19 billion TON might trigger a massive resistance around the price range of $5.69 to $6.05.

Over 13 million addresses might sell the coins at this price level, placing an intense strain on Toncoin’s rally.

This resistance presents a watershed moment for TON, as a break over this resistance could signal a positive reversal. However, failure to move past this level could result in a huge price decline.

There are other resistance levels to watch for TON to reclaim its all-time high of $8.2. However, beating the nearest sell wall appears challenging due to the broader market dynamics.

TON Ecosystem in Consolidation, Should Investors Be Concerned?

Toncoin’s price has not moved much recently, spending weeks in a consolidation range. Volume, a crucial confirmation factor for price movements, is also down, raising investor concerns. Despite the price drop, Toncoin continues to mark substantial milestones.

TON’s stablecoin supply has spiked in recent months. The supply soared by 13 times between April to October 2024. Despite price fluctuations, TON’s stablecoin total market capitalization is over $767 million, indicating a healthy ecosystem.

OKX Ventures, The Open Platform, and Folius Ventures have also joined forces to develop a $10 million Telegram Growth Hub. This initiative can boost The Open Network and ignite price surges for TON.

This is important as most mini apps that once field TON’s ascent are now losing traction. Many innovators can introduce new products with the funds to drive TON’s buyup and overall recovery.