As Toncoin (TON) hovers near $3, new data from Glassnode reveals a striking concentration of investor cost basis, sparking anticipation of a potential push toward $4.

According to the analysis, a staggering 2.98 billion TON are clustered across four major price zones, suggesting key support and resistance areas that could shape the token’s next move.

Glassnode's cost basis distribution for TON reveals four key supply clusters for TON between $2 and $4.

In the range of $2.01 to 2.05, 1.32 billion TON are being held, while 535 million TON are being held between $2.18 and $2.22; 863 million TON sit in the range of $2.91 to 2.98, while 261 million TON were previously bought in the range of $3.83 to 3.87.

According to Glassnode, these levels represent zones of investor cost concentration and now serve as critical technical zones: support if TON retraces or resistance if the price increases.

At press time, TON was up 0.09% in the last 24 hours to $2.9; an increase to $4 would mark a 37% surge in current prices.

863 million TON cluster emerges as key area of interest

Of particular interest is the $2.91 to $2.98 range, where 863 million TON is held. What makes this level even more intriguing is that this massive stash appears to be controlled by a single entity.

According to Glassnode, a single investor or coordinated entity holds 863 million TON tokens with a cost basis that mirrors Toncoin's price over multiple years. Glassnode suggests this wallet has been accumulating steadily over the years, untouched by local tops or capitulation events. This consistent activity suggests disciplined, long-term capital deployment.

As TON trades near $3, the $3.83-$3.87 zone now stands out as a potential launchpad or final resistance before TON reaches $4. The amount of 261 million TON held at this range suggests a minor resistance en route to $4.