- Toncoin’s price action and discouraged investors hinted at a potential buying opportunity
- On-chain metrics did not fully agree with this assessment, with some signs of whale distribution seen too
Toncoin [TON] saw a steady decline in its total value locked (TVL) across decentralized and centralized exchanges (DEX and CEX), as well as in derivatives and options. According to CryptoQuant analyst Joao Wedson, this may be a sign of de-leveraging.
Source: CryptoQuant
His analysis suggested that traders and investors have become discouraged with Toncoin and have reduced their exposure to the token. This might explain the steady drop in trading TVL since July 2024.
Bitcoin’s [BTC] volatility in recent weeks, alongside the altcoin market’s weakness, saw the trading TVL drop sharply once again in January. However, is it possible it also presented a buying opportunity?
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Author: Akashnath S
