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- Within 24 hours, investor expectations switched from bearish to bullish.<\/em><\/li>\n
- TON\u2019s price could continue to increase as net positioning jumped.<\/em><\/li>\n<\/ul>\n
Things change very fast in the crypto market, and for an altcoin like Toncoin [TON]<\/a>, it is no different. This time, it was not only related to the price.<\/p>\n
Instead, it focused on the activities of traders in the market\u2014 specifically, the derivatives end.<\/p>\n
According to Santiment, TON\u2019s Funding Rate was down to -0.012% on the 29th of June. But as of this writing, the ratio had jumped back into the positive region at 0.002%.<\/p>\n
Funding Rate refers to the cost of keeping a contract open in the market. However, it also measures the kind of expectations have. For example, when the metric is negative, it implies a bearish sentiment.<\/p>\n
Bears have turned bulls<\/h2>\n
In this instance shorts (those expecting a price decrease) are paying longs<\/a> (price increase bettors) to keep their positions open. But when it is positive, longs are the ones paying shorts.<\/p>\n
Therefore, the change within that short period<\/a> implies that a large number of traders now anticipate a Toncoin price increase. They also expect to profit from the rise.<\/p>\n
![\"Toncoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/toncoin-funding-rate-price.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
At press time, TON\u2019s price was $7.66. This was a 2.01% increase in the last 24 hours. Surprisingly, this mild decrease helped the project into the top 10 gainers across the crypto market.<\/p>\n
Currently, Toncoin is 6.97% down from its All-Time High (ATH). The token hit its ATH<\/a> on the 15th of June when the price reached $8.24.<\/p>\n
Furthermore, the fact the TON\u2019s price is increasing, and the Funding Rate implied that buyers are aggressive<\/a>, and buy orders on the spot market were jumping. So, traders were getting rewarded for their positions.<\/p>\n
Money flow rises, putting TON on the right path<\/h2>\n
For this price, this is bullish<\/a>. Therefore, we could see TON slowly climb toward $8 again in the short term. However, it is also important to assess the Open Interest (OI) to confirm the thesis.<\/p>\n
OI refers to the total value of open contracts. It is important to note that this indicator does not show if there are more longs than shorts. This is because for every long position, there is a short one.<\/p>\n
Thus, the signal it shows is if net positioning is increasing or otherwise. An increase indicates a rise in net positioning, while a decrease suggests otherwise.<\/p>\n
According to Coinglass, Toncoin\u2019s Open Interest was $303.53 million. This was also an increase, meaning that speculative activity has been improving from the previous day.<\/p>\n
![\"Toncoin](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"Toncoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/toncoin-open-interest-2.png\")
<\/a><\/p>\nSource: Coinglass<\/p>\n<\/div>\n
\nRealistic or not, here\u2019s TON\u2019s market cap in BTC terms<\/a><\/p>\n
\nShould this continue to be the same in the coming days, then TON\u2019s price would mostly likely continue its upward run.<\/p>\n
However, if OI decreases later on, the price could move southward<\/a>. If that is the case, the value of the cryptocurrency could drop to $7.25.<\/p>\n
\n - TON\u2019s price could continue to increase as net positioning jumped.<\/em><\/li>\n<\/ul>\n