fell sharply over the past 24-hour period, breaking below the key $2 level amid a broader crypto market slump, with the CoinDesk 20 (CD20) Index retreating 2.57%.
The token fell 5.5% to $1.97, with volume rising 89% above the daily average.
Traders pushed TON through several support zones before finding a foothold near $1.92, according to CoinDesk Research’s technical analysis data model.
The price action came amid a broader downturn in crypto markets. Bitcoin fell below $102,800, the lowest level since June, as over $1.4 billion in long positions were liquidated across the market, according to CoinGlass, intensifying downward pressure.
The drop triggered an increase in intraday volatility, with the price swinging over an 11.8% range.
TON subsequently showed signs of stabilizing with the price pushing back towards $1.99 on increased volume. The V-shaped recovery, although 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 back above that line could change momentum, but pressure remains high with scrutiny on large TON holders.
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.
