Toncoin (TON) holders are enjoying increased profitability, with the supply of coins held at a profit hitting a new weekly high after dropping to a seven-month low. This follows a price surge linked to Telegram CEO Pavel Durov addressing his arrest in France.
After Durov publicly condemned his arrest, market sentiment shifted positively. The value of TON rose by 15% in the past seven days, defying broader market trends. Currently, 53% of Toncoin's total supply is held at a profit.
Data from Santiment shows that TON’s supply in profit hit a low on September 8. However, trading activity increased following Durov's statement, raising the supply held in profit to 6.13 million coins.
Short-term holders are now retaining their coins instead of selling, a bullish signal for the market. This suggests they intend to benefit from the ongoing price increase.
Technical indicators, like the MACD, confirm strong short-term momentum for Toncoin, suggesting that the altcoin is set for further gains. If this uptrend continues, TON could target resistance at $6.8. However, increased profit-taking could pull the price down to $4.46.
