down 3.3% over the past 24 hours to $1,596, retreating along with the broader crypto market, though trading volume and ecosystem expansion suggest increasing institutional interest.
The token rose to $1.6929, then lost steam throughout the day before finding support near $1.5930, according to CoinDesk Research’s technical analysis data model.
The decline came despite a 20% increase in trading volume above the seven-day average, often a sign of accumulation behind the scenes. However, price action lagged, with TON struggling to break above the $1.65 level. This volume-prism mismatch may reflect institutional patient purchases rather than retail-driven momentum.
Messaging platform Telegram – which uses the TON ecosystem as the backbone of its Web3 infrastructure – has officially introduced its crypto wallet service in Uzbekistan. Following regulatory approval, residents there can now use locally issued bank cards to buy and trade crypto through Telegram, giving TON a new foothold in Central Asia, although the wallet’s launch doesn’t necessarily translate into demand for the cryptocurrency.
Technically, the outlook remains mixed. TON is consolidating below resistance at $1.65, with support just above $1.59. Traders are waiting for a break above the $1.70 zone to regain bullish momentum, while failure to hold the current level could open a path towards $1.55 or lower.
So far, the tokens’ fundamentals, rising onchain revenue and wallet adoption, are battling short-term market pressures and uncertainty about the future direction of the crypto space as a whole.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
