TON (Toncoin) fell more than 2% in the past 24 hours to $1.925, reflecting a broader wave of risk-off sentiment sweeping across the cryptocurrency market. The downturn came as Bitcoin briefly slipped below $100,000 for the first time since June before recovering to around $103,465, while long traders faced nearly $1.6 billion in liquidations, according to data from CoinGlass.
The sell-off rippled across altcoins, with the CoinDesk 20 (CD20) index showing only a modest 0.2% decline, supported by Bitcoin’s 1.4% rebound. TON, which touched an intraday low of $1.8117, struggled to maintain key support levels around $1.90, forming lower highs based on CoinDesk Research’s technical analysis. Analysts noted that the token’s short-term momentum remains fragile amid continued volatility in the broader market.
Adding to investor unease, a $128 million hack on decentralized exchange Balancer earlier this week fueled renewed fears over DeFi security and pushed traders toward safer assets. Jasper de Maere, an OTC trader at Wintermute, highlighted that the market is still dealing with the aftermath of October’s $19 billion in liquidations. He pointed out that thin liquidity in altcoins like TON makes them particularly vulnerable during macro-driven downturns.
Despite the sell-off, TON showed slight signs of stabilization, rebounding from its daily lows and consolidating between $1.92 and $1.94. However, analysts caution that without clear catalysts, any recovery could remain limited. A decisive drop below $1.87 might trigger further losses, while reclaiming the $1.95 level could indicate an early reversal attempt.
As traders weigh macroeconomic pressures and ongoing security concerns, TON’s near-term outlook remains uncertain, with market sentiment continuing to drive short-term price action.
