Toncoin Market Sees Distribution Signals as Price Nears $8 USD Peak

Recently, Toncoin (TON) has been exhibiting intriguing market behavior, with key indicators suggesting potential distribution activity. According to a verified author on CryptoQuant, Joao Wedson highlighted that the Coin Days Destroyed (CDD) indicator witnessed significant movements by long-term holders. This development could hint at a price peak around $8 for TON.

The Coin Days Destroyed (CDD) indicator is a tool for analyzing market trends. It multiplies the number of coins moved on-chain at a particular time by the number of days since those coins were last moved. When a large volume of older coins starts to move, it signals that long-term holders are taking profits. At the same time, it could also prepare the market for a price correction.

On June 12th, a notable movement of 633 million TON was recorded, marking a possible distribution phase. This behavior suggests that the price of $8 might be a peak for Toncoin as long-term holders begin to reposition their assets. Such large-scale movements by long-term holders often indicate a strategic shift, which can impact market sentiment and trigger notable price fluctuations.

It is crucial to recall that the price of Toncoin (TON) stands at $7.16, with a 24-hour trading volume of $369,214,357.09. This represents a 2.05% increase in the last 24 hours. However, TON has experienced a -6.04% decline over the past seven days. With a circulating supply of 2.4 billion TON, the market cap of Toncoin is valued at $17,498,759,790. These figures highlight the volatile nature of Toncoin’s market, where significant short-term gains are often followed by sharp corrections.

Despite the recent price increase, Toncoin has underperformed in the global cryptocurrency market, which has been down by 1.80% over the last seven days. It has also lagged behind similar Layer 1 (L1) cryptocurrencies, which have seen a -3.50% decline in the same period. This underperformance indicates that while Toncoin has shown resilience, it faces broader market pressures that affect its overall valuation and investor confidence.