TON is consolidating below resistance near $1.65, with support forming just above $1.59, as traders monitor for a potential breakout above $1.70 to regain momentum.

Over the past 24 hours, TON fell 3.3% to $1.596, mirroring weakness in the broader crypto market. The token earlier climbed to $1.6929 before losing steam and finding support around $1.5930, according to CoinDesk Research’s technical analysis model.

The pullback comes despite a 20% increase in trading volume compared with the seven-day average, often interpreted as institutional accumulation. However, price action lagged, with TON struggling to surpass the $1.65 level, suggesting patient buying from institutions rather than retail-driven momentum.

Telegram, which leverages the TON ecosystem for its Web3 infrastructure, officially launched its crypto wallet service in Uzbekistan. Following regulatory approval, residents can now use local bank cards to buy and trade crypto through Telegram. While the launch provides TON with a foothold in Central Asia, it does not necessarily translate into immediate demand for the token.

Technically, the outlook remains mixed. TON is consolidating below $1.65, with support just above $1.59. A sustained move above $1.70 could reignite bullish momentum, while failure to hold current levels may open the path toward $1.55 or lower.

For now, the token’s fundamentals — rising on-chain revenue and growing wallet adoption — are contending with short-term market pressure and broader uncertainty in the crypto space.