- The action of tone prices and discouraged investors alluded to a potential buying opportunity
- Channel metrics did not entirely agree with this evaluation, with certain signs of distribution of whales also seen
Tonorcein (tone) experienced a constant decrease in its total locked value (TVL) through decentralized and centralized exchanges (Dex and CEX), as well as in derivatives and options. According to cryptocurrency analyst Joao Wedson, this can be a sign of relaxation.
Source: cryptocurrency
His analysis suggested that traders and investors have discouraged with Toncoin and reduced their exhibition to the token. This could explain the regular drop in TVL trading since July 2024.
Bitcoin’s volatility (BTC) in recent weeks, alongside the weakness of the Altcoin market, saw TVL trading drop in January. However, is it possible that he also had an opportunity to buy?
Source: Ton / USDT on tradingView
The 1 -day price action board revealed that Toncoin could be near its six -month range to $ 4.62. These stockings were just above the level of fibonacci retracement of 61.8%, traced according to the rally which started in March 2024.
Consequently, the region of $ 4.46 to $ 4.6 is a solid request zone which would probably be defended during a retest. In addition, the OBB has not flowed under its local stockings. This meant that the sales pressure was not extremely strong.
Food distribution and Netflows have shown contradictory signs
Source: Santiment
Addresses with less than 100 tonnes have increased regularly in recent months. It was an encouraging sign and suggested that more participants entered the ecosystem and the purchase of Toncoin. However, these participants do not move the markets for the most part.
The lifting of heavy is carried out by the whales and their number has decreased. Shark and whale addresses with more than 100 tonnes and up to 100,000 tonnes have reduced the number since August 2024 – a sign of distribution. The recent tonne transfer to trade has also increased the chances of selling pressure.
Source: cryptocurrency
The recent drop in the price of Altcoin also contributed to an increase in the ignition TVL ratio. This ratio measures the percentage of total TVL allocated to the implementation. Its growth highlighted a certain conviction among long -term holders.
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Regular hiking in recent months has revealed that participants have not withdrawn their assets to mark them to use them more actively for negotiation purposes, due to the training of scope and the lack of long -term trend.
Combined with the drop in TVL negotiation, these conditions could present a long -term purchase opportunity for investors.
