TON Token, Associated with Telegram, Falls 8% Amid Breakdown of $3.00 Support

Toncoin (TON) Struggles to Hold $3.00 Support Amid Global Market Uncertainty, Shows Early Signs of Recovery

Toncoin (TON), the cryptocurrency linked to Telegram, continues to face downward pressure as global economic uncertainties and volatile market conditions weigh heavily on its price action.

Over the past day, TON has been caught in a descending channel, marked by a series of lower highs and lower lows, culminating in a breakdown below the psychologically important $3.00 support level on substantial trading volume.

With investors increasingly looking toward competing blockchain projects in a turbulent market, TON’s future hinges on its ability to stabilize at current levels. Some analysts suggest that if the token can secure support near $2.88 to $2.90, it may set the stage for a potential rebound.

Technical Highlights:

TON’s recent trading formed a clear descending channel with consistent lower highs and lows.
A break below the $3.00 support level occurred during hours 9-12 with a heavy volume of 3.96 million, underscoring strong selling pressure.
A surge in volume to 4.43 million near the session’s end indicates possible capitulation, often signaling the exhaustion of selling pressure.
Following a low of $2.89, TON experienced a modest rebound, closing at $2.94 and suggesting emerging demand around this range.
The $2.88–$2.90 zone has emerged as a critical support area to watch for a potential reversal in trend.
A V-shaped recovery took shape in the last hour, pushing the price back above $2.90 on increasing volume.
Between 13:36 and 13:38, a sharp 3.6% rally drove TON to local highs near $2.94.
Despite some profit-taking near $2.95 resistance, TON maintained support above $2.93, showing resilience.

While challenges remain, these developments hint at a possible bottoming process for TON if it can hold key support levels amid ongoing market volatility.