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The sell-off dragged the price down to $1.76 as downward pressure intensified. While the broader market held relatively steady, this token failed to find balance and remained under strain.
Earlier in the session, the price briefly climbed to $1.89, but that recovery proved short-lived as momentum quickly flipped bearish.
#Toncoin Breaks Below Key Support Zones
Technical indicators are now flashing warning signs that traders are closely tracking. Toncoin has slipped below two critical support levels at $1.79 and $1.78, confirming a shift in short-term market sentiment.
This was not a low-liquidity move. Trading volume surged sharply during the breakdown, with more than 2.14 million tokens exchanged. That figure far exceeds the seven-day average, and elevated volume during a decline often signals activity from large holders. Such behavior typically suggests that institutions or high-net-worth investors may be trimming exposure.
Market data shows Toncoin reversing amid heavy volume and apparent large-scale exits | Source: TradingView
Momentum indicators reinforce the caution. The RSI moved into neutral territory following a bearish crossover on January 6, indicating fading buying strength rather than an immediate rebound setup.
Attention is now firmly on the $1.76 level. A failure to defend this zone could push the price into a lower demand range between $1.765 and $1.770. Without fresh buying interest, downside pressure is likely to persist.
Geopolitical Risk and Telegram’s Shadow
External developments are also weighing on sentiment. According to a recent Financial Times report, roughly $500 million worth of Telegram-issued bonds in Russia have been frozen due to Western sanctions linked to the Ukraine conflict.
Although Toncoin now operates as an open-source network, its origins remain closely tied to Telegram, which continues to rely on the blockchain for multiple features. As a result, negative headlines surrounding the company can still spill over into market confidence around the token. Even if the bond freeze has no direct technical impact, perceived risk often drives price action.
Concerns have also resurfaced around transparency. Disclosures show that Telegram sold more than $450 million worth of Toncoin late last year. While the company argues that these sales support decentralisation and plans to limit its holdings to 10% of total supply, market participants remain uneasy about the price impact of such large-scale distributions.
Positive Developments Fail to Shift Sentiment
The ongoing decline comes despite several notable ecosystem upgrades. #Telegram founder Pavel Durov recently introduced CoCoon, a decentralised AI compute platform built on the network that enables users to share GPU resources for rewards.
In parallel, xStocks has launched on the TON Wallet, giving users access to tokenised U.S. equities directly within the app. This effectively allows exposure to stocks such as Apple and Amazon through blockchain-based representations, a meaningful step forward for real-world asset integration.
Under normal conditions, developments of this scale would support price appreciation. However, technical weakness and broader macro concerns are currently dominating sentiment. Investors appear focused on balance-sheet implications after Telegram reported a net loss tied to declining token valuations.
While revenue from premium subscriptions and advertising continues to grow, ongoing token volatility is complicating the financial outlook and keeping pressure on market confidence.
Disclaimer: BFM Times provides information for educational purposes only and does not offer financial advice. Readers should consult a qualified financial advisor before making investment decisions.
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