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The price of TON’s soared from $2.5 in early 2024 to $7.5, driven by rising open interest delta and bullish sentiment.
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A midyear correction resulted in a capital outflow, a price drop of $4 and reflected by a negative open interest.
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By September 20, 2024, both the price and open interest delta had shown signs of recovery.
The latest TON trend indicates a change in investor behavior, which could have an impact on the asset value. According to Cryptoquant’s data, TON 30-day open interest is now positive and the funding rate is still negative.
This shift indicates important dynamics that may influence TON’s prices in the coming weeks. The Ton Open Interest delta chart from December 2023 until September 2024 shows patterns in market activity.
TON’s prices declined steadily from December 2023 until March 2024. They remained below $2.50. Open interest was relatively low during this period, with minimal fluctuations, indicating limited futures activity.
Price Surge and Increased Interest
In late March 2024 TON’s price soared from under $2.5 to almost $6.5 in April. This period was marked by a significant increase in the open-interest delta, indicating a wave speculative activity. As the price continued its upward trend through mid-May and reached over $7.5, volatility began to appear, with sharp fluctuations both ways. During this period, the open interest delta reached its peak. By June, however, negative bars began to appear, indicating capital had exited the futures position as the price fell.
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From July to late August, TON entered a phase of correction, with a price that steadily declined and reached a low near $4 at the end of August. The open interest delta was negative throughout this period, reflecting the continued outflow of money.
In September, however, the price began to stabilize, rising above $4.50. Open interest turned positive again in September, indicating renewed speculative activity on the market.
Open Interest Delta: A Key Indicator
The relationship between TON price and open interest shows the speculative nature of the market. The early 2024 price surge was driven by a strong bullish sentiment, which led to significant inflows of futures positions.
Capital left the market quickly as the market corrected. In recent months, both the price and open interest have recovered. This suggests a possible turnaround. Investors will still need to closely monitor these metrics to gauge future movements.
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