tl;dr
Recent data suggests that Telegram-linked Toncoin is rapidly growing its user base, with a surge in TON holders expected to surpass Ethereum by the end of the year. The altcoin's holding period and whale accumulation have also spiked, indicating potential for an extended rally. However, while the gr...
Recent data suggests that Telegram-linked Toncoin is rapidly growing its user base, with a surge in TON holders expected to surpass Ethereum by the end of the year. The altcoin's holding period and whale accumulation have also spiked, indicating potential for an extended rally. However, while the growth rate is exponential, there is a possibility of a slowdown in the coming months. Additionally, TON's holding time has increased by 249%, signaling bullish momentum. If this trend continues, TON's price could break above resistance levels and rally further. Conversely, if selling pressure intensifies, the price may struggle to surpass certain levels.
Telegram-linked Toncoin is experiencing significant growth in its user base. Recent data indicates a surge in the number of TON holders, positioning the network to overtake Ethereum in terms of user adoption by the end of the year. In addition to a surge in holder count, holding period and whale accumulation have spiked, positioning the altcoin for an extended rally. This analysis delves deeper into the factors at play. TONCOIN TO SURPASS ETHEREUM IN HOLDER COUNT In a recent report, CryptoQuant analyst Maartun noted that Toncoin "is growing quickly," and its holder count "is expected to surpass the number of ETH holders around December 20th."
However, the analyst included a caveat. He said the spike in TON’s holder count has been exponential, but the rate may slow down in the coming months. A more conservative estimate suggests that the crossover point could be pushed back to February 3, 2025. Moreover, Ethereum’s user base is also growing, albeit slower. While the current data does not reflect this growth, it could impact the projected timeline. TONCOIN ENJOYS BULLISH BIAS As TON holder count spikes, its holding time has also increased. IntoTheBlock’s data shows that over the past month, the altcoin’s holding time, which tracks the length of time that coins have been held before being traded, has climbed by 249%. An increase in coin holding time is a bullish signal. This suggests that investors are holding their asset for longer periods on average, indicating greater optimism for its near- and long-term potential.
In addition, during the 30-day period in review, TON whales or large investors have increased their accumulation, as evidenced by its rising Large Holders’ Netflow. Per IntoTheBlock’s data, this has surged by over 15,000% in the past month. Large holders refer to addresses that hold over 0.1% of an asset’s circulating supply. Their netflow measures the difference between the coins they buy and the amount they sell over a specific period. When it rises, it signals increased accumulation among this group of investors and is a precursor to a potential price rally. TON PRICE PREDICTION: THE BULLS MUST RALLY Toncoin is trading at $5.01 at press time, just below the resistance formed at $5.26. If holding time continues to lengthen and whales maintain their accumulation of the altcoin, TON price could break above this resistance, setting a course toward $5.91. A successful breach of this level may propel it further, with the next key resistance at $6.82.
Conversely, if market sentiment shifts and selling pressure intensifies, Toncoin’s price may struggle to break past $5.26, potentially leading it to trend downward toward the support level at $4.44.
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MICROSTRATEGY INCORPORATED
MicroStrategy Incorporated provides global business analysis software and services. The company is headquartered in Tysons Corner, Virginia.
Industry: TECHNOLOGY
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