fell 3.3% in the last 24 hours to $1,596, retreating along with the broader crypto market even as trading volume and ecosystem expansion suggest growing institutional interest.
The token rose to $1.6929, then lost strength throughout the day before finding support near $1.5930, according to CoinDesk Research’s technical analysis data model.
The drop came despite a 20% increase in trading volume from the seven-day average, often a sign of accumulation behind the scenes. However, the price action lagged and TON struggled to break above the $1.65 level. This mismatch between volume and price may reflect patient buying by institutions rather than a retail-driven push.
Messaging platform Telegram, which uses the TON ecosystem as the backbone of its Web3 infrastructure, has officially launched its crypto wallet service in Uzbekistan. Following regulatory approval, residents there can now use locally issued bank cards to buy and exchange cryptocurrencies via Telegram, providing TON with a new foothold in Central Asia, although the launch of the wallet does not necessarily translate into demand for the cryptocurrency.
Technically, the outlook remains mixed. TON is consolidating below the resistance at $1.65, and support is forming just above $1.59. Traders are watching for a break above the $1.70 area to regain bullish momentum, while failure to hold the current level could open a path towards $1.55 or lower.
For now, the token’s fundamentals, rising on-chain revenue and wallet adoption, are struggling against near-term market pressure and uncertainty surrounding the future direction of the crypto space as a whole.
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 with our standards. For more information, see CoinDesk’s full AI Policy.
