Toncoin Falls Below $2 as Broader Market Conditions Weigh on Price

Toncoin (TON) experienced a significant drop of 5.5%, falling to $1.97 and breaking the crucial $2 mark amid a wider downturn in the cryptocurrency market. This selloff was characterized by a heavy trading volume, leading to over $1.4 billion in liquidated long positions, which forced TON through multiple support levels. Traders noted that the CoinDesk 20 index declined by 2.57%, indicating a broader market decline. Though TON showed some signs of recovery and briefly rose back to $1.99, it ultimately stabilized around $1.97. Analysts are monitoring the $2 threshold closely, as a sustained recovery above this price could indicate a shift in market momentum. However, pressure remains high due to the volatility across the market, particularly as Bitcoin dipped below $102,800, marking its lowest level since June. The volume for TON surged 89% above daily averages, reflecting heightened interest despite market instability.

Source 🔗