fell sharply over the last 24-hour period, breaking below the key $2 level amid a broader crypto market downturn that saw the CoinDesk 20 (CD20) index retreat 2.57%.
The token dropped 5.5% to $1.97, with volume surging 89% above daily averages.
Traders pushed TON through several support zones before it found footing near $1.92, according to CoinDesk Research's technical analysis data model.
The price action came during a broader downturn in crypto markets. Bitcoin dropped below $102,800, its lowest level since June, as over $1.4 billion in long positions were liquidated across the market, according to CoinGlass, intensifying downward pressure.
The drop triggered a spike in intraday volatility, with the price swinging across an 11.8% range.
TON subsequently showed signs of stabilizing with the price pushed back toward $1.99 on elevated volume. That V-shaped recovery, while modest, suggests interest may still be intact, though the token has since slumped to $1.97.
Traders are now watching the $2 level closely. A sustained move back above that line could shift momentum, but pressure remains high with scrutiny on major TON holders.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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