The price of Toncoin (TON) has been experiencing significant volatility in recent days, although it continues in an overall upward trend.
This volatility is mainly attributed to the possibility of investors selling, which could erase the token’s recent gains.
The Global In/Out of the Money indicator shows that investors bought about 793 million units of Toncoin within the price range of $6.12 to $6.77.
This equates to a total value of over $5.2 billion.
With the current price of Toncoin at $6.59, these units are at risk of potential losses.
Concerns about a sell-off have grown as active deposits have risen, an indication that investors may be preparing to offload their assets.
Large movements of assets from investors' portfolios to trading platforms usually increase the likelihood of selling pressure.
Although Toncoin's price has dropped by 6.5% over the past three days to $6.59, it is still in a position to continue the upward trend.
If the token manages to break the crucial resistance level at $7, it could open the door for a bigger recovery.
In addition to the possibility of reaching the $7.53 level and perhaps heading towards its all-time high at $8.28.
However, if the price drops below the support level at $6.43, it could lead to a decline in the price of Toncoin to $6.04.
This could weaken the bullish scenario and delay investors' profits.
Currently, the price of Toncoin is up 3.39% to $6.6822 per coin.
