Over $5 billion at risk if Toncoin (TON) price falls due to selling

Toncoin (CRYPTO:TON) is currently in a macro uptrend, but recent days have seen the cryptocurrency facing significant selling pressure that could jeopardize substantial profits.

Over the past three days, Toncoin's price experienced a 6.5% drawdown, eventually finding support at $6.43.

However, the ongoing selling activity by investors poses a threat to the recent gains made by the cryptocurrency.

The Global In/Out of the Money (GIOM) indicator reveals that investors purchased approximately 793 million TON at prices ranging between $6.12 and $6.77, amounting to over $5.2 billion.

As Toncoin's current price hovers around $6.59, these investments are teetering on the edge of profitability.

The concern is that if selling pressure continues to mount, it could push the price lower, turning potential profits into losses.

Investor sentiment appears divided, with some opting to hold their positions (HODLing) in anticipation of further gains, while others are preparing to sell to secure profits.

The increase in active deposits is an indicator that a number of investors are leaning towards selling, which could trigger further declines in Toncoin's price.

The situation remains precarious, with Toncoin’s price direction in the coming days heavily influenced by investor behavior.

If selling pressure intensifies, the cryptocurrency could face additional drawdowns, putting billions of dollars in potential profits at risk.

Conversely, if support levels hold and buying interest returns, Toncoin could resume its upward trajectory.

As the market watches closely, the actions of Toncoin investors in the near term will be critical in determining whether the cryptocurrency can sustain its recent gains or if it will succumb to the selling pressure that threatens its value.