coindesk.com
TON$1.6193 lost ground over the past 24 hours, sliding more than2% to $1.625 as selling pressure drove the token down to now post a near 72% decline over the past 12 months.
The move came amid a failed breakout near $1.668, with the downturn carving out a clear downtrend pattern of lower highs and lows across a narrow range.
Trading volume during the selloff spiked to 3.02 million TON, a 43% increase above the daily average, according to CoinDesk Research's technical analysis data model. That surge in activitycoincided with a breakdown below key support levels, further dampening sentiment.
However, TON’s price action found a floor at $1.6025. Multiple retests of that support held firm while volume tapered off, indicating that aggressive selling had cooled.
More notably, the last few hours of trading saw a potential shift in momentum. Price climbed back above $1.620 on rising volume, forming an ascending pattern of higher lows that often points to systematic buying.
TON now sits at a technical crossroads. A push past $1.635 could confirm the reversal, while a drop below $1.602 would reopen downside risk. Traders watching the $1.620 pivot will likely treat it as a deciding level for whether this bounce becomes a broader trend change.
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.