Karla Barker 
Market Pressure Intensifies
TON’s price dropped about 5% over the past day, falling to around $2.165 from $2.1999. The decline wasn’t happening in isolation though – the broader crypto market was also down about 3.7% according to the CoinDesk 20 index. But TON seemed to be underperforming relative to the market average.
What’s interesting is that trading volumes surged to 5.76 million tokens during this period. That’s nearly one and a half times the 24-hour average, which suggests there was some real conviction behind the selling pressure. The price action broke through what technical analysts were calling key support zones on the way down.
There was a brief bounce later in the session that helped TON recover from its low of $2.162. But the recovery hit a wall around $2.19, which appears to be acting as resistance. I think this price behavior shows how technical levels are really driving things right now.
Nasdaq’s Warning
The timing of this price drop coincided with some regulatory news. Nasdaq issued what amounts to a reprimand against TON Strategy (TONX), which happens to be the largest publicly listed company building a toncoin treasury. The issue was about how they financed a major token purchase.
According to an SEC filing from October 28th, TON Strategy failed to get required shareholder approval before issuing stock to finance what turned out to be a $272.7 million purchase of toncoin. The deal was structured as what’s called a private investment in public equity, or PIPE for short.
What’s notable is that nearly half the proceeds from that deal – about $273 million – went directly into buying toncoin. That’s a pretty significant allocation, especially when you consider they’re supposed to be a public company with various stakeholders.
Regulatory Context
Nasdaq did flag this as a rule violation, but they stopped short of recommending delisting. Their reasoning was interesting – they cited no apparent intent to evade compliance. Still, getting a warning like this from an exchange isn’t exactly ideal, especially when you’re trying to build credibility around a cryptocurrency treasury operation.
TON Strategy currently holds about 217.5 million tokens, which makes them one of the largest holders out there. This regulatory issue adds pressure to their broader effort to legitimize what they’re doing with this public treasury focused on toncoin.
It’s worth noting that while the Nasdaq warning is significant, the exchange didn’t take the most severe action available to them. They could have pushed for delisting, but chose not to. That might suggest they see this more as a procedural misstep rather than something more serious.
Technical Outlook
Looking at the price action now, support seems to be forming around that $2.162 level where we saw the late-session bounce. Meanwhile, resistance at $2.19 appears to be capping any upside attempts. The combination of regulatory concerns and broader market weakness seems to be keeping pressure on the token.
I’m curious to see how this plays out over the next few days. The regulatory overhang might linger, but if the broader crypto market finds its footing, that could help offset some of the negative sentiment. For now though, traders appear to be watching those technical levels pretty closely.