the price of fell 5% in 24 hours to $2,165 as market pressure intensified and Nasdaq reprimanded TON Strategy for a $272.7 million purchase of the token.
The price broke key support zones on the way down, according to CoinDesk Research’s technical analysis data model. Trading volumes increased to 5.76 million tokens, almost 1.5 times the 24-hour average, confirming strong sell conviction.
A brief bounce late in the session helped TON recover from its low of $2.162, but resistance near $2.19 limited the bounce. The broader crypto market, as measured by the CoinDesk 20 (CD20) index, fell 3.7% in the last 24 hours.
TON’s poor performance also came amid a Nasdaq rebuke of one of the token’s largest holders.
TON Strategy (TONX), the largest publicly traded company building a toncoin treasury, failed to obtain required shareholder approval before issuing shares to fund a large token acquisition, according to an Oct. 28 SEC filing.
The deal, structured as a private investment in public equity (PIPE), used almost half of the proceeds, around $273 million, to purchase toncoin.
Nasdaq noted the rule violation but stopped short of recommending delisting, citing no apparent intention to evade compliance. Still, the warning adds pressure to TON Strategy’s broader effort to legitimize a cryptocurrency-focused public treasury. TON Strategy currently holds 217.5 million tokens.
TON price action is now being largely driven by technical levels. Support appears to be forming near $2.162, while resistance at $2.19 may continue to limit bullish attempts.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
