Glassnode: TON contract holdings soared to their highest level since February 18, which could signal an imminent price correction

On May 29, Glassnode posted on social media that in the past 24 hours, the open interest of TON Perptual Futures surged by 33%, rising from $143 million to $190 million, reaching the highest level since February 18. Notably, even after the price pullback, the open interest remains high. Historical data shows that similar surges in open interest often signal a price pullback, warranting close follow.