Toncoin's (TON) price has been on a bearish momentum, experiencing a notable decline in its market value over the last 24 hours. The trading session commenced near the $7.28 mark but faced increasing selling pressure, initiating a downtrend that saw the price drop significantly throughout the day. 

At press time, the Toncoin (TON) price was exchanging hands at $6.84, a 6.89% decline from the intra-day high with a 24-hour trading volume of $541,206,555 (a 30% decline). Concurrently, TON’s market capitalization dipped by 6.89% to $23,778,701,934.

Decrease in Trading Volume and Open Interest

The decline in Toncoin's price is accompanied by a sharp decrease in trading volume by -26.29%, amounting to $639.42 million, indicating diminishing interest or hesitation among traders to engage at current price levels. 

Open interest, measuring the total number of outstanding derivative contracts, also fell by -8.07% to $230.14 million, suggesting a decrease in market commitment as some traders close their positions, possibly taking profits or cutting losses.

The overall long/short ratio of 0.9421 indicates a bearish sentiment, with slightly more short positions than long ones among traders. Significant liquidations in both long and short trades further underscore cautious market sentiment, with $72.88K and $95.77K liquidated in 1h and 4h, respectively, suggesting short-term trades faced significant losses.

Toncoin Market Sentiment and Price Prediction

The prevailing market sentiment appears cautious, if not bearish, with traders either securing profits or retreating from riskier positions due to uncertainty or anticipated further declines. However, amid the downturn, Toncoin's resilience to the market pullback is notable. Moreover, the Know Sure Thing (KST) shifts upwards above its signal line with a rating of 78.42, suggesting that the bearish momentum may be waning. The trend south of the Rate of Change (ROC), however, suggests that the bearish shift is still present. If the ROC shifts upwards, a bullish reversal may be expected. 

Predictions are suggesting Toncoin is poised to break past its all-time high of $7.67, backed by increasing volume and Total Value Locked (TVL) growth. A sustained breakout could lead to a 30% upswing in the near term, potentially pushing the price towards $8.

While Toncoin's price is close to forming a new all-time high, caution is advised as a correction could follow the rise, especially considering the overbought conditions observed through the Relative Strength Index (RSI). Historically, breaches into the overbought zone are followed by correction as the market cools down. Immediate resistance levels to watch include $7.10 and $7.67, while support may be found around the current price area of $6.87.