Toncoin (TON) Volume Sees a 24-Hour Spike, But Sellers Dominate Activities

The significant spike in trading volume for Toncoin [TON] over the last 24 hours makes it a focal point for market observers.

Toncoin [TON] has certainly grabbed the attention of market observers with its significant spike in trading volume over the last 24 hours. As traders ramp up their activities, analyzing their behavior becomes pivotal in predicting potential price directions.

Moreover, the derivative metrics for Toncoin have also displayed interesting trends.

Toncoin volume sees a 24-hour spike

The recent data analysis from CoinMarketCap showed that Toncoin had experienced a substantial spike in trading volume over the last 24 hours. The data showed an increase of over 80%.

Currently, the volume stands at approximately $398 million. This significant rise in volume was noted after a period of lower activity where it had previously dipped below the $200 million range.

Further corroborating this observation, analysis from Santiment supported the increase in activity. A volume of $270 million was recorded at the close of trade on 23rd June.

The dramatic increase in volume within such a short period is noteworthy as it indicates heightened trading activity, which could lead to increased price volatility.

Sellers dominate Toncoin activities

AMBCrypto’s analysis of Toncoin on a daily time frame chart revealed a positive trend overall despite a recent downturn in the last 24 hours. The chart indicated that TON closed trading on 23rd June with an increase of over 2%, reaching around $7.5.

However, the latest data showed a reversal, with TON experiencing a decline of almost 3%, bringing its trading price down to approximately $7.2.

The current analysis of Toncoin showed that it was trading above its short moving average (yellow line). Also, the yellow line was acting as its support level at around $6.8.

This indicates that despite recent declines, the price is still being supported at a level higher than recent lows.

However, the fact that it has declined from a higher point suggests that Toncoin is experiencing selling pressure. The selling pressure might be causing the price to test the support level, and if this level holds, it could stabilize or rebound.

High open interest, low funding rate

The derivative metrics for Toncoin suggest some intriguing trends. Notably, there has been a rise in Open Interest over the past 24 hours. The total was now almost $306 million, according to Coinglass.

This level of Open Interest is the highest observed in the last few months. It indicates a growing engagement in derivative contracts associated with TON, signaling increased speculative activity or hedging by traders.

However, analysis of the weighted funding rate showed that the market sentiment remained negative. This is evident from the fact that it has stayed below zero and is currently around -0.015.

A negative funding rate generally implies that shorts are paying longs, indicating that there are more sellers than buyers in the market.

This condition suggests that while interest in trading Toncoin derivatives has increased, the overall market sentiment is bearish, with traders possibly expecting further price declines.

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