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TON Shows Early Signs of Stabilization After Sharp 8% Decline Amid Middle East Tensions
Telegram’s native token, TON (priced at $2.91), fell sharply by 8% within 24 hours, sliding from $3.20 to a low of $2.93 as strong selling pressure hit the market. According to CoinDesk research’s technical analysis, TON’s drop outpaced the broader CoinDesk 20 index, which fell 6.2% over the same period. This selloff followed Israel’s late Thursday airstrikes targeting Iranian military facilities and leadership.
Technical Breakdown
- TON experienced an 8.4% correction in a single day, with prices declining from $3.20 to $2.93.
- Trading volume surged to 3.36 million, forming a significant resistance level near $3.09.
- A major volume spike of 7.74 million established a strong support zone around $2.94.
- Following the sharp decline, TON’s price consolidated between $2.95 and $2.99, indicating early signs of market stabilization.
- In the last hour of trading, TON showed a modest recovery, edging up from $2.95 to $2.96, a 0.3% gain.
- Robust buying interest emerged with 284,843 tokens traded, helping to reinforce support at the $2.96 level.
- Minor price pullbacks were quickly absorbed by buyers, suggesting resilience and sustained demand.
While TON faced significant downward pressure amid geopolitical concerns, technical indicators suggest the token is finding footing and may be poised for further stabilization in the near term.
