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On-chain data shows the Toncoin investors are holding a significant amount of unrealized profit even after the recent bearish action in the asset’s price. Toncoin Is Still Trading A Notable Distance Above Its Realized Price In a new post on X, the on-chain analytics firm Glassnode has discussed about the latest trend in a few indicators related to Toncoin. The first metric of relevance is the “Realized Price,” which tells us, in short, the cost basis of the average investor on the TON network. When the spot price of the cryptocurrency is trading above this indicator, it means the holders as a whole can be assumed to be carrying a net amount of unrealized profit. On the other hand, it being under the metric implies the dominance of loss in the market. Related Reading: Bitcoin Retail Volume Close To Growing Again: Bullish Sign? Now, here is the chart shared by the analytics firm, that shows the trend in the Toncoin Realized Price over the last few years: As displayed in the above graph, the Toncoin price has been above the Realized Price for a while now, which means the investors on the whole have been enjoying gains. This arrangement hasn’t changed even after the drawdown that the coin has witnessed recently. Historically, the Realized Price has acted as a support level for the asset. The reason behind this is the fact that investors can be likely to react to dips to their cost basis by buying more, if the mood in the market is bullish. At present, the metric has a value of $2.43, which is significantly under the spot price. Based on the historical pattern, Glassnode notes that the level “remains a crucial level for potential buying pressure.” The next indicator shared by the analytics firm is the Market Value to Realized Value (MVRV) Ratio. This metric keeps track of the ratio between the spot price and Realized Price of Toncoin. From the chart, it’s apparent that the ratio has gone down recently and has reached a value of around 1.54. “This means that, on average, investors are sitting at ~54% unrealized profit,” explains Glassnode. Related Reading: XRP Targeting $15 If This Pattern Holds, Analyst Says While the overall market has been able to withstand the recent downturn, it doesn’t mean that there has been no panic loss selling at all for Toncoin. As the below chart for the Realized Loss shows, the buyers who got in during the top ended up realizing a massive amount of loss in the price plunge. TON Price At the time of writing, Toncoin is trading around $3.77, up almost 3% in the last 24 hours. Featured image from Dall-E, Glassnode.com, chart from TradingView.com