fell sharply over the past 24 hours, falling below the key $2 level amid a broader crypto market slowdown that saw the CoinDesk 20 Index (CD20) fall 2.57%.
The token fell 5.5% to $1.97, with volume up 89% above daily averages.
Traders pushed TON through several support zones before finding a position near $1.92, according to CoinDesk Research’s technical analysis data model.
The price action occurred amid a broader downturn in crypto markets. Bitcoin fell below $102,800, its lowest level since June, as more than $1.4 billion in long positions were liquidated in the market, according to CoinGlass, intensifying downward pressure.
The drop triggered a spike in intraday volatility, with the price oscillating within a range of 11.8%.
TON then showed signs of stabilizing, with the price pushed back towards $1.99 due to high volume. This V-shaped recovery, although modest, suggests that interest may still be intact, although the token has since fallen to $1.97.
Traders are now closely monitoring the $2 level. A sustained return above this line could shift momentum, but pressure remains high with scrutiny on major TON holders.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
