TON Drops 4.67% on High Volume Selling Pressure

Telegram’s cryptocurrency, TON, has been experiencing significant selling pressure, with a notable 4.67% intraday decline to as low as $3.15 on high volume. This decline indicates strong selling pressure, as the volume reached 3.65 million. Despite this, recent price action shows modest recovery attempts from the lows, with new resistance forming at $3.24. The token is down 3% in the last 24 hours, reflecting the broader market sentiment. The index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins, and exchange coins, lost 3.2%.

Technical analysis reveals a critical support zone established around $3.15-$3.16, confirmed by above-average trading volume. The steepest price drop occurred during the 4.67% intraday decline on exceptionally high volume, signaling strong selling pressure. Despite this, a recovery pattern was observed in the last hour, with prices climbing from $3.19 to $3.20, representing a 0.4% gain. This upward trajectory was initiated after a sharp sell-off saw the price drop to $3.18, before quickly finding support and initiating a strong upward trajectory. A new resistance level was established at $3.21, with subsequent profit-taking pushing prices back to the $3.20 range where consolidation is occurring.

Despite the recovery attempts, the overall trend remains bearish with lower highs established throughout the period. The token's price action suggests that while there are signs of potential support formation on the short-term, the selling pressure continues to mount, posing challenges for TON's recovery. The formation of new resistance levels and the overall bearish trend indicate that TON may face headwinds in the near future, despite the recent recovery attempts.