TON Price Analysis: Potential Fall to $4.93 as Active Addresses Decline

The Toncoin [TON] network is currently experiencing a decline in the number of active addresses, indicating a potential fall in price to $4.93. According to AMBCrypto’s analysis, the 24-hour active addresses count has dropped significantly from previous peaks, suggesting a decrease in deposits and withdrawals on the network.

Interestingly, there seems to be a strong correlation between TON’s price and network activity, with price jumps occurring almost every time the active addresses metric increases. This connection has led to predictions of a further drop in TON’s value, with the Open Interest (OI) also recording a decline on the charts.

Market participants have shifted their confidence away from TON, as evidenced by the negative Weighted Sentiment reading. However, despite the bearish sentiment, TON is not dead, and a potential slow recovery might be on the horizon.

Traders should be cautious of liquidation levels, as many short positions might be liquidated if TON rises to $5.78, while longs risk a wipeout if TON drops to $5.02. The Cumulative Liquidation Levels Delta (CLLD) is currently negative, indicating a potential punishment for late shorts attempting to catch the dip.

Overall, the market outlook for TON remains uncertain, but with the potential for a slow recovery in the near future. Stay tuned for updates on TON’s price movements and network activity.