streamoors
IGNITION
Sui
Quantus
Bitcoin
Pearl
Solana
Toncoin (TON) blockchain has been making waves in its development front. However, the price of TON remains in bear control. Toncoin sell pressure showed no signs of easing. Additional bearish factors were poised to impact the market.
The price of TON was way below its all-time high (ATH) and appeared not to be stopping. Toncoin price was facing the risk of further sell-off from the upcoming unlocks across multiple chains.
The TON blockchain continues to develop as Telegram’s web3 infrastructure. This progress could help offset the price drop. Are the fundamentals enough to stop the potential crash of the Toncoin price?
Looming Sell Pressure In Crypto: Toncoin Leads Unlocks and Its Impact
The broader crypto market was facing sell pressure from the ongoing token unlocks of over $161M worth of crypto tokens. On November 22nd, Toncoin will announce the single largest unlock in this category. This would add about $67 million to the circulating supply.
There were a couple of other chains that were preparing for this sell pressure. They included Celestia (TIA), Pendle Finance (PENDLE), and Binance Smart Chain (BNB), among others. The unlock was bearish because it increased supply. With limited demand, holders dumped their tokens.
TON holds the largest amount set to be unlocked. This makes it likely to face the steepest price drop.
Historical data indicated that, during unlock events, particularly major ones, the associated assets typically experienced a decline in valuation. The decrease was simply because of the induced sell pressure.
Will Toncoin Price Crash Again After 70% Decline?
On the charts, Toncoin price was down by more than 78% from its peak of $8.24. The 24-hour price performance of TON indicated that the altcoin moved between a high of $1.85 and a low of $1.74.
That way, the TON price was also down by about 2.86% on the day. The numerical perspective showed that the TON price was trading below critical levels and key indicators.
TON was strong on the bear side, as seen in the SuperTrend indicator. The Trend Strength Index (TSI) backed this. The TSI reading was negative 0.58, indicating sellers were driving the price trend.
Additionally, the Toncoin price was below two critical horizontal levels at $2.42 and $3.87. The altcoin struggled more after breaking below $2.42 as sell volume neared the $150 million mark.
The unlock could spark further sell-off, even pushing TON toward the low at $0.65. This was created after mass liquidations in crypto in mid-October.
Positive web3 sentiment offers support. Institutional backing may keep TON from dropping too far.
Can Chain Activity and Institutional Backing Mitigate the Impact?
Toncoin may still recover. The blockchain, which served as Telegram’s Web3 infrastructure, was making developments each day. They recently launched the CoCoon network, which was powered by AI and the TON blockchain.
The initiative supported the developer activity on the blockchain. That said, the month of October saw more than 148 million users of Telegram Mini Apps.
However, the change has been in decline since 2024. The findings suggested that the fundamentals could potentially not do much to mitigate the risk of a price crash.
Last but not least, institutions could save the price action. Alpha TON Capital (Nasdaq: ATON) brought institutional staking on the chain as 4 million TON tokens were deployed.
This could reverse the looming crash that could come from unlocking. Capital from big players, along with recognition on Wall Street, was the remaining hope to mitigate risk for TON holders.
