Toncoin (TON) fell 3.3% in the past 24 hours to $1.596, falling alongside the broader crypto market even as trading volume and ecosystem expansion suggest growing institutional interest.
The token climbed to $1.6929, then lost strength during the day before finding support near $1.5930, according to CoinDesk Research’s technical analysis data model.
The decline occurred despite a 20% increase in trading volume compared to the seven-day average, often a sign of behind-the-scenes accumulation. However, price action has been lagging with TON struggling to break above the $1.65 level. This volume-price mismatch may reflect patient purchasing from institutions rather than retail dynamics.
Messaging platform Telegram – which uses the TON ecosystem as the backbone of its Web3 infrastructure – has officially introduced its crypto wallet service in Uzbekistan. Following regulatory approval, residents can now use locally issued bank cards to purchase and trade cryptocurrencies via Telegram, giving TON a new foothold in Central Asia, although the wallet’s launch will not necessarily translate into demand for the cryptocurrency.
Technically, the outlook remains mixed. TON is consolidating below resistance at $1.65, with support forming just above $1.59. Traders are waiting for a break above the $1.70 area to regain bullish momentum, while failure to hold the current level could open the way to $1.55 or lower.
For now, the token’s fundamentals of increasing on-chain revenue and wallet adoption are battling short-term market pressure and uncertainty surrounding the future direction of the crypto space as a whole.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
