TON Slides 3.3% to $1.59 as Crypto Markets Pull Back

TON is consolidating below resistance at $1.65, with support holding just above $1.59, as traders watch for a breakout above $1.70 to regain bullish momentum.

The token dropped 3.3% over the past 24 hours to $1.596, tracking broader crypto market weakness. TON earlier touched $1.6929 before losing steam and finding support near $1.5930, according to CoinDesk Research’s technical analysis.

Despite the decline, trading volume surged roughly 20% above the seven-day average, often signaling institutional accumulation. Price action, however, has lagged, with the token struggling to break past $1.65 — suggesting patient buying rather than retail-driven momentum.

Telegram, which uses the TON ecosystem for its Web3 infrastructure, officially launched its crypto wallet service in Uzbekistan. Regulatory approval allows residents to buy and trade crypto using local bank cards. While the launch expands TON’s presence in Central Asia, it does not automatically translate into increased token demand.

From a technical perspective, TON remains in a mixed position. A sustained move above $1.70 could restore upward momentum, while failure to hold current support may see the token test levels around $1.55.

For now, TON’s solid fundamentals — including rising on-chain revenue and growing wallet adoption — are balancing against short-term market pressures and broader uncertainty in the crypto sector.