a decrease of 3% over the past 24 hours, as it fell from $3.50 to its current level. Despite this decline, the price #TON was trading above a critical demand area in the ecosystem, which still represents vital support for the asset.
Psychological support level for TON at $3.24
Ali Martinez, a well-known blockchain analyst, highlighted a strong buying interest area for Toncoin in an update on platform X.
Notably, 1.21 million wallets previously purchased 740 million TON at the price level of $3.24. This indicates widespread accumulation at this price level and may become a psychological support level.
At the time of writing this report, Toncoin was trading at $3.39, representing a decrease of 2.02%. Meanwhile, trading volume slightly decreased by 0.64% to $785.66 million.
However, Ali sees that with many wallets accumulating such a large volume of Toncoin at the $3.24 level, these buyers can defend TON by buying more if the price drops. This may prevent further declines and help make this price a major support level.
In the chart shared by Ali, there are currently 889.87 million TON worth $2.93 billion 'in profit', which represents 90.26%. Less than 10%, or 95.46 million TON worth $314.32 million, are 'out of profit'.
This indicates that with over 90% of addresses being profitable, the Toncoin ecosystem is bullish and is unlikely to decline further.
Can Toncoin challenge Stellar in market cap ranking?
As reported by U.To_day, Toncoin recently surpassed Shiba Inu ($SHIB ) after rising an astonishing 15% with rumors of a partnership between Telegram and Grok hitting the market. As the ecosystem awaits details, positive sentiment can stabilize the TON price above the major support level.
If Ton's bullish traders can increase trading volume through a buying wave, it could lead to Toncoin rising to solidify its sixteenth position in the cryptocurrency ranking by market cap. Continued rises could lead to competition with Stellar for the fifteenth position.
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