On several occasions, Toncoin’s (TON) price has shown readiness to retest the $7 mark. But since late July, almost every time it inches close to the region, it pulls back, leaving investors worried about the cause.

Fortunately, BeInCrypto has identified a daunting sell wall that is hindering the Telegram-native cryptocurrency from maintaining a prolonged rally. This on-chain analysis reveals all the details and what TON needs to breach this point successfully 

Pressing Issues for Toncoin’s Future

Currently, Toncoin’s price is $5.20, representing a 10% decline in the last seven days. This value also means that the token is 37% down from its all-time high, with about 75% of its holders out of the money.

These TON holders are currently out of money because most accumulate it at a higher value than the current price. Interestingly, the In/Out of Money Around Price (IOMAP) reveals that Toncoin’s price might not move substantially higher unless some of these holders give way.

Specifically, the IOMAP provides an idea of support and resistance using the volume purchased at certain price ranges. The larger the volume or cluster, the larger the support or resistance. For Toncoin, about 5.33 million hold 610.55 million tokens and buy the token at an average price of $5.23.

Read more: 6 Best Toncoin (TON) Wallets in 2024

This volume is higher than that of those who purchased it, between $4.49 and $5.05. It is also a lot bigger than the volume bought by the 8,330 addresses currently at the break-even point. Considering this condition, TON is less likely to get support from these addresses.

Instead, the token might face huge challenges in surpassing $5.23 since that zone is a significant supply wall. Further, the Mean Dollar Invested Age (MDIA) is another factor hindering Toncoin’s price from breaking through to $7.

The MDIA is the average age of all tokens on a blockchain, weighted by the purchase price. When it rises, cryptos become increasingly dormant, making it challenging for prices to increase. 

On the other hand, a falling MDIA indicates that tokens are beginning to wake up, thereby increasing the chances of near-future rally. As seen below, the MDIA for TON climbed, suggesting that the stagnancy of tokens could restrain the token from going higher.

TON Price Prediction: Bears Remain Dominant

As of this writing, Toncoin’s price is trading below two key moving averages: the 20-day Exponential Moving Average (EMA) and the 50-day EMA. Furthermore, the 50 EMA (yellow) has risen above the 20 EMA (blue), suggesting that sellers are dominant.

As it stands, bears might try to push TON’s price below the $5.12 support. If successful, the token’s value might sink to $4.89, making it challenging for Toncoin to hit $7 again.

Read more: 10 Best Altcoin Exchanges In 2024

On the flip side, if Toncoin climbs above the EMAs, bears might not be able to validate the expected decline. Instead, Toncoin’s price might breach the $5.67 resistance and increase toward $6.18.

Ethereum (ETH) price has recently experienced a 13% decline, with prices dipping towards the end of September. Despite this drop, Ethereum is currently holding strong above its bear market support floor, suggesting that the cryptocurrency may be poised for a recovery. 

Investors are now looking for bullish signals that could push ETH beyond the six-week barrier, bringing new opportunities for price growth.

Ethereum Investors Are Resilient

Ethereum’s long-term holders (LTHs) are showing renewed strength, as indicated by the Liveliness metric. This indicator tracks LTHs’ behavior, declining when they accumulate and increasing when they liquidate their holdings. Currently, the LTHs are in accumulation mode, a positive sign for Ethereum’s price trajectory. 

As more holders choose to HODL, the potential for a bullish breakout increases, signaling long-term confidence in the cryptocurrency. This stability could be the foundation Ethereum needs to break through its current resistance levels.

Read more: How to Invest in Ethereum ETFs?

From a technical perspective, Ethereum is also showing signs of macro-bullish momentum. The Relative Strength Index (RSI) has been trending positively since the beginning of August, hovering near the neutral line at 50.0. Once this line is flipped into support, Ethereum’s bullish momentum will likely gain further strength, pushing prices higher. 

The macro momentum, supported by technical indicators like the RSI, suggests that Ethereum is building a solid foundation for further gains. If the broader cryptocurrency market remains stable, Ethereum could capitalize on this momentum and target higher price levels in the coming weeks. 

ETH Price Prediction: Old Barriers, New Highs

Ethereum is currently trading at $2,431, holding above the critical 23.6% Fibonacci Retracement level at $2,401, also known as the bear market support floor. As long as ETH remains above this level, it is likely to continue consolidating while awaiting a bullish trigger that could drive its price higher.

Should the anticipated bullish signals arrive, Ethereum could surge towards $2,591. This level coincides with the 38.2% Fibonacci line, and flipping it into support could allow ETH to rise towards $2,745. Notably, this price point has remained unbreached for the past six weeks, making it a key target for Ethereum’s next breakout.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

However, if Ethereum fails to gather enough momentum to surpass $2,591, the price may consolidate within this range, remaining above $2,401. This lack of movement would invalidate the bullish outlook, leading to a prolonged period of sideways trading.

Tron founder Justin Sun rescued American singer, songwriter, and record producer Ty Dolla Sign from losing his Sundog (SUNDOG) meme coin bag.

SUNDOG is one of the Tron network’s leading meme coins, boasting a market capitalization above $265 million. It is fueled by large investments and vocal support from the controversial Tron executive.

Justin Sun Bails Out Ty Dolla Sign’s $409,000 SUNDOG Mishap

The American celebrity Ty Dolla Sign mistakenly sent 1.66 million SUNDOG tokens, valued at $409,000, to a contract address instead of his TRX account. To assist him, Justin Sun, founder of Tron, stepped in by sending 3,194,887 TRX tokens (worth $500,000) from his HTX4 wallet to Ty Dolla Sign, stating that this would help him “get back in the game.”

Ty Dolla Sign then used the TRX tokens to re-invest in the SUNDOG meme coin. According to data on Tronscan, the artist swapped the 3,194,887 TRX tokens for 1,635 SUNDOG coins on SunSwap V3, effectively channeling the funds back into the meme coin market.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Lookonchain data supports the report on Ty Dolla Sign’s token recovery. However, the incident sparked conversations around token recovery after such massive losses. 

“You are telling me that if I’m dumb enough to burn my $400k I’ll get $500k back? Where do I sign?” Dead Cat Bounce, a pseudonymous user on X commented.

It remains unclear whether Ty Dolla Sign’s celebrity profile played a role in attracting Justin Sun’s attention. Nevertheless, it is worth noting that the behavior and outcome when one sends tokens to a contract address varies. Specifically, it depends on the contract’s design, with one of five outcomes possible:

• Rejection. Some contracts’ designs are such that they reject incoming token transfers. In this case, the tokens sent to the contract address are not accepted, and the transaction may fail.
• Fallback Function Execution. If the contract has a fallback function or a receive function defined, it may execute certain code logic when one sends tokens to the address. This function could handle the incoming tokens in a specific way defined by the contract creator.
• Token lockup. The contract’s programming may be such that it locks up or stores the tokens sent to it for specific purposes outlined in its code. These tokens could be held in escrow or used for certain functionalities within the contract.
• Token Swap/Exchange. Some contracts allow for token swaps or exchanges. One can then exchange the tokens sent for other tokens or assets, depending on the contract’s rules.
• Loss of Tokens. In some cases, sending tokens to a contract address may result in the loss of those tokens if the contract does not handle incoming tokens properly or if the contract code has vulnerabilities.

Ty Dolla Sign’s incident highlights the need for caution when performing crypto transactions. It also stresses the importance of reviewing a contract’s code and functionality before sending tokens to a contract address, to avoid potential losses.

Read more: 7 Best Tron Wallets for Storing TRX

Against this backdrop, however, SUNDOG’s price is up by 5.45%. It has effectively outperformed leading meme coins like DOGE, SHIB, and PEPE, which are down between 6% and 10%. As of this writing, the Tron-based meme coin is trading for $0.2588.