The price of fell 5% in 24 hours to $2,165 as market pressure intensified and Nasdaq reprimanded TON Strategy over a $272.7 million purchase of the token.
The price broke through key support zones on the way down, according to CoinDesk Research’s technical analysis data model. Trading volume rose to 5.76 million tokens, nearly 1.5 times the 24-hour average, confirming a strong sell conviction.
A brief bounce in the late session helped TON recover from a low of $2,162, but resistance near $2.19 capped the rally. The broader crypto market, as measured by the CoinDesk 20 (CD20) index, fell 3.7% in the last 24 hours.
TON’s underperformance also came amid a rebuke from Nasdaq against one of the largest holders of the token.
TON Strategy (TONX), the largest publicly traded firm building a toncoin treasury, failed to obtain the necessary shareholder approval before it issued shares to fund a major 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, about $273 million, to buy toncoin.
Nasdaq flagged the violation of the rules but stopped short of recommending delisting, citing no apparent intent to evade compliance. Still, the warning adds pressure to TON Strategy’s broader effort to legitimize a public treasury focused on the cryptocurrency. The TON strategy currently holds 217.5 million tokens.
TON’s price action is now mainly driven by technical levels. Support appears to be forming near $2,162, while resistance at $2.19 may continue to cap upside attempts.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
