He The price failed to sustain gains above $2.14 over the past 24 hours, retreating to $2.127 after a rejection at a key resistance level.
The move capped a rally to $2,154 and underscored the importance of technical factors in the absence of new news, according to CoinDesk Research’s technical analysis model.
Volume skyrocketed to 3.03 million tokens in a single hour during the resistance test, an 89% jump over the session average, highlighting the intensity of the sell-off once the price approached the upper end of its recent range.
The failed breakout attempt came after a strong push from $2,135 to $2,154, but profit-taking quickly erased those gains. TON is now trading in a band of $0.15, with support forming at $2.10 and demand emerging near $2.133.
This compressed range suggests that market participants are waiting for a clear signal before committing to a direction. A strong move supported by volume could break the stalemate.
The latest price action reflects a broader pattern seen in crypto markets where technical levels appear to define ranges. The broader CoinDesk 20 index (CD20) rose 2.9% in the last 24 hours.
Bulls are eyeing a sustained move above $2,144, which could open the door for a retest of the highs of $2,154. Bears are waiting for a break below $2.133 to challenge the support at $2.10.
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.
