The Telegram-backed cryptocurrency TON made a significant move in the market with a 2.66% price increase, climbing from $3.15 to $3.24 before facing a swift pullback. The rally was accompanied by surging trading volume, suggesting heightened market interest, but volatility remains as the asset corrected after reaching intraday highs.
Strong Breakout Driven by Volume Surge
TON-USD initiated a bullish breakout early in the trading session, supported by a volume spike to 5.46 million, the highest in the 24-hour window. This strong activity pushed the token from $3.156 to a peak of $3.24, marking a 2.66% gain and signaling a potential continuation of the broader uptrend.
Key support was confirmed between $3.15 and $3.16, which held through multiple retests.
Resistance at $3.20 was broken decisively, validating short-term bullish momentum.
Technical Formation: Double Bottom and Uptrend Signs
The price action formed a series of higher lows and higher highs, reinforcing an uptrend structure. Notably, a double bottom pattern emerged around the $3.19-$3.20 zone, suggesting the presence of strong buyer interest at this critical level.
If price holds above $3.20, this area could act as a base for another upward attempt.
Sharp Reversal Signals Distribution Phase
Despite the breakout, a sharp reversal occurred within the same session. After reaching the $3.24 high, TON retraced to $3.19, representing a 2.7% drop from the peak. The pullback came with elevated volume, indicating profit-taking and strong distribution.
TON closed the session at $3.20, reclaiming key short-term support and ending the day flat after intense volatility.
Market Context and Outlook
The broader market also reflected positive momentum, with the top 20 crypto index gaining 1.1% over the same 24-hour period. TON’s performance aligns with a broader trend of renewed risk appetite in crypto, though near-term caution is warranted given the volatility spike.
Conclusion
TON surged 2.66% to $3.24 on strong volume, breaking resistance before experiencing a sharp 2.7% reversal. With support confirmed at $3.19-$3.20 and a double bottom pattern emerging, TON remains technically bullish, but traders should watch volume closely for signs of sustained momentum.