THE The price failed to sustain its gains above $2.14 over the past 24 hours, retreating to $2.127 after a rejection at a key resistance level.
The move capped the rally at $2.154 and highlighted the importance of technical factors in the absence of fresh news, according to CoinDesk Research’s technical analysis model.
Volume reached 3.03 million tokens in a single hour during the resistance test, an 89% jump from the session average, highlighting the intensity of the selling once the price approached the upper end of its recent range.
The breakout attempt failed after a strong surge from $2.135 to $2.154, but profit-taking quickly erased those gains. TON is now trading within a $0.15 band, with support forming at $2.10 and demand emerging 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 latest price action reflects a broader trend seen in crypto markets, where technical levels appear to define ranges. The broader CoinDesk 20 Index (CD20) is up 2.9% over the past 24 hours.
Bulls are expecting a sustained move above $2.144, which could open the door for a retest of the highs of $2.154. Bears are eyeing a break below $2.133 to challenge support at $2.10.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
