TON fell more than 2% to $1,925 over the past 24-hour period as a wave of risk-off sentiment swept across the crypto markets.
The fall saw bitcoin briefly dipped below $100,000 for the first time since June before recovering, and long-term traders face nearly $1.6 billion in liquidations, according to CoinGlass.
The selloff hit altcoins particularly hard. The broader market, as measured by the CoinDesk 20 (CD20) index, fell just 0.2% over the same period, pushed up by bitcoin’s 1.4% gain. TON, which had briefly touched a low of $1.8117, struggled to hold support near $1.90, where prices are carving lower highs, according to CoinDesk Research’s technical analysis model.
Tuesday’s $128 million hack of Balancer, a major decentralized exchange, added fuel to the fire, stoking fears about protocol security and fueling a flight to security in digital assets.
Jasper de Maere, an OTC trader at Wintermute, said markets were still digesting the aftershocks from October’s $19 billion in liquidations. Thin liquidity in altcoins made them more vulnerable during these macro-driven pullouts.
Despite the pressure, there were signs of stabilization. TON rebounded from today’s low and is now consolidating between $1.92 and $1.94.
Still, with no obvious near-term catalysts, momentum remains fragile. A break below $1.87 could open the door for further losses, while a retracement of $1.95 could signal an early attempt at a recovery.
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.
