The price failed to hold gains above $2.14 over the past 24 hours and retreated to $2.127 after a rejection of a key resistance level.
The move capped a rally to $2,154 and underscored the importance of technical factors in the absence of fresh news, according to CoinDesk Research’s technical analysis model.
Volume surged to 3.03 million tokens in a single hour during the resistance test, an 89% jump above the session average, highlighting the intensity of the sell-off as the price neared the upper end of the recent range.
The failed breakout attempt came after a sharp push from $2,135 to $2,154, but profit-taking quickly erased those gains. TON is now trading in a $0.15 band, with support at $2.10 and rising demand 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 deadlock.
The recent price action reflects a broader pattern seen across crypto markets where technical levels appear to be defining ranges. The broader CoinDesk 20 (CD20) index rose 2.9% in the past 24 hours.
Bulls are looking for a sustained move above $2,144, which could open the door for a retest of the $2,154 highs. Bears see a break below $2,133 to challenge support at $2.10.
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.
