It fell 3.3% in the past 24 hours to $1.596, pulling back in line with the broader cryptocurrency market, despite trading volumes and ecosystem expansion pointing to growing institutional interest.
The coin climbed to $1.6929 before losing momentum throughout the day before finally finding support near $1.5930, according to CoinDesk Research’s technical analysis data model.
The drop in trading volume came despite a 20% increase from the seven-day average, which is usually a sign of accumulation behind the scenes. However, price action lagged and TON struggled to break above the $1.65 level. This volume-price mismatch likely reflects patient buying by institutions rather than retail-driven momentum.
Messaging platform Telegram, which uses the TON ecosystem as the backbone of its Web3 infrastructure, has officially launched its crypto wallet service in Uzbekistan. Following regulatory approval, residents there can now use locally issued bank cards to buy and trade cryptocurrencies through Telegram, giving TON a new foothold in Central Asia, although the wallet’s launch won’t necessarily translate into demand for the cryptocurrency.
Technically, the outlook remains mixed. TON is consolidating below resistance at $1.65, with support forming above $1.59. Traders are eyeing a break above the $1.70 area to regain bullish momentum, while failure to hold current levels could open the path to $1.55 or lower.
Currently, the token’s fundamentals, growing on-chain revenue and wallet adoption, are battling short-term market pressure and uncertainty about the future direction of the entire crypto space.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and reviewed by our editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
