Toncoin (TON) Price Decline: Could a $10 TON Be on the Horizon?

Toncoin (TON) Price Decline: Could a $10 TON Be on the Horizon?

Toncoin, the cryptocurrency associated with Telegram, is currently experiencing a downturn, reflecting broader market trends that are impacting many digital assets. Recent price analyses show that TON continues to trade below key support levels, further reinforcing the bearish market sentiment seen across the crypto space.

Is a $10 TON in Sight?

The price of Toncoin has been caught in the general downtrend affecting the wider cryptocurrency market. Bitcoin has dipped below the $60,000 mark, while Ethereum seems to be stabilizing at around $2,300. This stagnation points to an increasing bearish outlook, with most top altcoins, including Toncoin, experiencing significant declines.

Over the last 24 hours, Toncoin’s price has seen modest fluctuations. At the time of writing, TON is priced at $5.47, representing a slight 0.88% drop. The coin opened the day at $5.55 and dipped to a low of $5.38.

Despite these recent losses, Toncoin has shown remarkable growth from its all-time low of $0.3906, achieved three years ago—a surge of over 1300%. However, it remains 33.51% below its all-time high of $8.24, reached just three months ago.

TON Price Outlook: Further Declines Ahead?

Technical indicators suggest more downside could be ahead for Toncoin. The Moving Average Convergence Divergence (MACD) line shows a slight convergence below the signal line, signaling the potential for further bearish movement. The MACD histogram has also turned negative, highlighting growing caution among investors.

Social sentiment surrounding Toncoin has also weakened. Recent months have seen a sharp drop in social volume, indicating waning interest among traders. This decline in engagement often mirrors price drops, suggesting a cooling sentiment toward the coin.

According to Coinglass data, the TON derivatives market has also seen a notable decline in activity, with trading volume dropping by 33.14% to $228.78 million. Open interest in TON futures fell by 2.67%, settling at $264.64 million—further evidence of shifting investor sentiment.

That said, a return of bullish momentum could push TON past the $7 resistance level. If market conditions improve and buying interest picks up, TON could potentially reach the $10 mark in the next bullish run.