Toncoin Futures Open Interest Surges 33% to $190 Million— Is a Major Move Coming?

Key Highlights

• Toncoin perpetual futures rises 33% to $190 million

• TON prices decline 1.7% despite rising Open interest

Toncoin Perpetual Futures hit $190 million

While the crypto market has made significant sustainable gains over the last month, Toncoin [TON] continues to struggle. However, over the past day, the altcoin is experiencing a resurgence in its future demand.

Chart depicting the fluctuations in TON futures open interest and price from late November to May, showing significant volatility and recent increase in both metrics.

According to Glassnode data, futures are heating up again. Over the past 24 hours, perpetual futures open interest (OI) on TON surged by a whopping 33%, jumping from $143 million to $190 million. This marks the highest level of open interest since February 18—indicating a notable resurgence in trading activity.

Also read: Bitcoin long term holders are selling

What’s particularly interesting about this spike is that the OI remained elevated even as the price experienced a modest pullback dropping by 1.72% on a 24-hour timeframe.  Typically, high open interest paired with declining price action can signal increased market tension, often preceding corrections. Historically, similar OI spikes have often acted as red flags for short-term volatility, suggesting that traders should keep a close eye on market movements. 

TON's netflow turns negative once again, with significant fluctuations observed around May 28, 2025

However, there's still optimism in the market with demand holding strong among key stakeholders. This optimism is openly observable when we look at exchange activities. Thus, the exchange netflow has turned negative again after spiking to a positive region the previous day. This metric has dropped to a negative value of $278k suggesting that buyers are outpacing sellers on exchanges.

With prices dropping while open interest is rising, it has left the crypto community talking. The mismatch in the market has the popular crypto analyst Ali Martinez looking at the key support level that TON needs to hold for a possible uptrend.

Distribution of TON Holders: The chart shows the current price at $3.29, with 90.26% of holders in profit (green) and 9.68% out of the money (red). A total of 1.21 million addresses hold 739.06 million TON, as indicated by the volume analysis.

According to him, on-chain data from Sentora highlights a major demand zone around the $3.24 level. At this price point, around 1.21 million wallets accumulated nearly 740 million $TON, showcasing strong buying interest and conviction from holders. This concentration of ownership could serve as a powerful support zone, potentially cushioning Toncoin from deeper declines.

What it Means for Ton

While the futures market is signaling caution, Toncoin appears to be in solid positions as fundamentals are strengthening. Demand in the futures market is very high while investors on exchanges are buying more. These conditions set Ton on a path towards better price performance and subsequent recovery.

 If the $3.24 support holds, we could see renewed buying pressure and a possible rebound. If support holds, Toncoin will rally to $4. Therefore, for a potential rally, this level needs to hold. It will determine the next move. A failure to hold this level will see TON drop below $3 and drop to $2.7.