Telegram’s native cryptocurrency, TON, is showing early signs of price stabilization after a sharp intraday sell-off. However, the asset continues to face strong headwinds with persistent bearish momentum, limited upside, and increasing resistance levels.
Sharp Decline Highlights Bearish Sentiment
TON dropped 4.67% intraday, reaching a low of $3.15 amid trading volume of 3.65 million tokens.
This steep sell-off signals intense selling pressure, making it one of the more volatile digital assets over the past 24 hours. Although there was a mild bounce from the lows, the market sentiment remains cautious.
The token is down 3% in the last 24 hours, underperforming relative to broader crypto indexes.
Key Support and Resistance Levels Emerging
Support is now forming between $3.15 and $3.16, an area validated by high-volume buying.
Resistance is building at $3.24, limiting any upside movement.
The asset recently climbed from $3.19 to $3.20, reflecting a 0.4% intrahour recovery, but the broader trend remains bearish due to a consistent pattern of lower highs and weak bounces.
Short-Term Technical Analysis
Recent technical patterns suggest a V-shaped micro-recovery following the sharp decline. Buyers stepped in aggressively at the $3.15 level, but profit-taking activity around $3.21–$3.24 capped further advances.
A quick bounce from $3.18 to $3.20 indicated strong demand at the lower boundary, followed by price consolidation around $3.20.
Lower highs and tighter price ranges imply market indecision and a lack of bullish conviction.
What’s Next for TON?
The next few sessions will be critical in determining whether TON can hold the $3.15–$3.16 support zone. Failure to maintain this level could trigger further downside toward psychological support at $3.10.
Conversely, a breakout above $3.24 with volume confirmation could lead to a retest of the $3.30–$3.35 zone, though current signals don’t yet support that scenario.