fell sharply over the last 24-hour period, breaking below the key $2 level amid a broader crypto market slowdown that sent the CoinDesk 20 Index (CD20) down 2.57%.
The token fell 5.5% to $1.97, and volume increased 89% above daily averages.
Traders pushed TON through several support zones before it found a footing near $1.92, according to CoinDesk Research’s technical analysis data model.
The price action occurred during a broader downturn in the crypto markets. bitcoin fell below $102,800, its lowest level since June, as more than $1.4 billion in long positions were liquidated across the market, according to CoinGlass, intensifying downward pressure.
The drop caused an increase in intraday volatility, with the price oscillating in a range of 11.8%.
Subsequently, TON showed signs of stabilization and the price retreated towards $1.99 due to high volume. That V-shaped recovery, while modest, suggests that interest may still be intact, although the token has since fallen to $1.97.
Traders are now watching the $2 level closely. A sustained move above that line could change the momentum, but pressure remains high with scrutiny on major TON holders.
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.
