Toncoin (TON) Price Dip Could Be Far From Over as 240,000 Tokens Face Selling Pressure

The price of Toncoin has been declining consistently, with more than a 30% dip since December. It has since formed a descending channel pattern

Toncoin (TON) price has been on a downward spiral with a price decline of over 30% since December. It has formed a descending channel pattern with the price continuously making lower highs and lower lows.

The token’s troubles might be far from over, as some metrics indicate that a large number of holders could be preparing to sell their tokens.

According to crypto analyst Ali, over 240,000 TON tokens have been transferred to various cryptocurrency exchanges in just the past week.

This substantial influx of tokens to exchanges, highlighted by Ali through Santiment’s on-chain data analysis, could indicate a bearish outlook for TON price in the immediate future. Typically, when large quantities of tokens are moved to exchanges, it often signifies that holders are preparing to sell their positions.

These recent developments have caught the attention of market participants, with Ali’s analysis suggesting that the current price dip might be far from reaching its bottom. The movement of such a significant amount of TON tokens – 240,000 in total – could potentially trigger a cascade of selling events if these tokens are indeed listed for sale on exchanges.