has fallen by 3.3% in the last 24 hours to $1.596, following a trend across the wider crypto market, even as trading volume and ecosystem growth indicate a rising interest from institutions.
The token reached a peak of $1.6929 but faced a downturn throughout the day, finding support at around $1.5930, per CoinDesk Research’s technical analysis.
This decline occurred despite a 20% increase in trading volume over the week, typically a sign of underlying accumulation. However, the price movement has lagged, with TON unable to surpass the $1.65 mark. This discrepancy between volume and price might suggest institutional buying activity rather than retail-driven interest.
Telegram, which leverages the TON ecosystem for its Web3 infrastructure, has officially launched its crypto wallet service in Uzbekistan. With regulatory backing, residents can now utilize local bank cards to buy and trade crypto via Telegram, providing TON with a fresh entry point into Central Asia, although the wallet’s debut doesn’t guarantee demand for the cryptocurrency.
From a technical standpoint, the outlook remains uncertain. TON is currently consolidating beneath resistance at $1.65, with support forming slightly above $1.59. Traders are closely monitoring for a potential breakout above the $1.70 level to regain bullish momentum; failure to maintain the current position could lead to a decline towards $1.55 or lower.
At this moment, the token’s fundamentals, such as increasing on-chain revenue and wallet adoption, are at odds with short-term market pressures and uncertainties regarding the overarching direction of the cryptocurrency landscape.
Disclaimer: Portions of this article were generated with AI assistance and reviewed by our editorial team to ensure accuracy and compliance with our standards. For further details, please refer to CoinDesk’s complete AI Policy.
