coindesk.com
TON$1.7413 fell over 4% in 24 hours, dropping to $1.76 as selling pressure outweighed gains in the broader market.
The decline stands in contrast to the CoinDesk 20 (CD20) index, which rose 0.5% in the same period. TON briefly rose to a high of $1.89 before reversing course.
The price broke below key support levels at $1.79 and $1.78, signaling a bearish shift, according to CoinDesk Research's technical analysis data model. The selloff was accompanied by a spike in volume, especially during the break below $1.79, pointing to likely large-holder or institutional activity.
At its lowest point, the price of TON touched $1.757, forming a descending channel that defined the day’s structure.
Volume in the period was above the seven-day average, with 2.14 million TON traded, suggesting that the move was more than routine fluctuation.
Without stronger buying interest, analysts see a risk of continued pressure toward the next demand zone between $1.765 and $1.770.
The underperformance comes despite a wave of recent news surrounding TON and Telegram. Developments include deeper blockchain integrations, and growing infrastructure on the TON network based on Telegram founder Pavel Durov’s CoCoon decentralized AI compute system, as well as xStocks being added to the TON Wallet.
Earlier this week, the Financial Times reported Telegram's $500 million of bonds issued in Russia are frozen under Western sanctions over the country’s invasion of Ukraine.
While the bond freeze itself is unlikely to influence the price of TON — the token was developed at Telegram, but has moved to an open-source community — the messaging platform has been supporting TON in its ecosystem.
According to the FT, the company told investors recently it sold over $450 million in TON during a call late last year.
Price action remains dominated by technical factors in the short term, with traders now watching whether $1.76 will hold or give way to further declines.
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.