Token Slips 3.3% to $1.59 as Broader Crypto Market Weakens

dropped 3.3% over the past 24 hours to $1.596, retreating alongside the broader crypto market even as trading volume and ecosystem expansion suggest growing institutional interest.

The token climbed to $1.6929, then lost steam through the day before finding support near $1.5930, according to CoinDesk Researchs technical analysis data model.

The decline came despite a 20% surge in trading volume over the seven-day average, often a sign of accumulation behind the scenes. However, price action lagged, with TON struggling to break above the $1.65 level. This volume-price mismatch may reflect patient buying from institutions rather than retail-driven momentum.

Messaging platform Telegram — which uses the TON ecosystem as the backbone of its Web3 infrastructure — has officially introduce its crypto wallet service in Uzbekistan. Following regulatory approval, residents there can now use locally issued bank cards to buy and trade crypto through Telegram, providing TON with a new foothold in Central Asia although the wallet‘s launch doesn’t necessarily translated to 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 watching for a breakout above the $1.70 zone to regain bullish momentum, while failure to hold the current level could open a path toward $1.55 or lower.

For now, the tokens fundamentals, rising onchain revenue and wallet adoption, are battling against short-term market pressure and uncertainty surrounding the future direction of the crypto space as a whole.