The key support level is in danger! Can TON coins break through the resistance and regain the upward momentum?

Ton coin price plummeted 17%, on-chain indicators were weak, ecosystem projects failed, whale sales intensified downward, and now it fell to the key support level at $2.80, facing severe challenges.

The price of Ton has dropped significantly like a free fall, with a drop of up to 17%, causing an uproar in the market. Market sentiment seems to be shrouded in haze and continues to bearish. Even though there was a little positive light flashing earlier, it is now covered by heavy worries. The various hidden worries surrounding its ecosystem and network growth are like undercurrents, triggering a fierce selling wave, and the boost from whale funds has made the downward momentum more and more rapid. As of Monday, Ton has fallen to a key support level of $2.80, a sharp decline from its 2024 high, showing the current dilemma of this once-high token.

• The price of Ton coin continues to be under pressure, the primary reason is that the on-chain indicators are poor. TON blockchain's daily transaction volume has dropped sharply. The prosperity of once reaching 20 million transactions per day is no longer there. Now only 2.2 million transactions are processed every day, and the enthusiasm of users to participate has cooled down significantly.

• The number of monthly active wallets has also dropped sharply, from 5.2 million in February to 2.8 million today, which intuitively reflects the sluggish user activity.

• Tokens within the TON ecosystem were underperforming, with tokens such as Hamster Kombat and Catizen falling sharply. These projects have been criticized for improper execution of airdrops and unfair reward distribution, which has caused strong frustration in the community.

• The number of monthly active addresses has also dropped from a high of 8.3 million in September 2024 to 2.3 million today, further highlighting the continued decline in user activity.

• The weekly decline in Ton coin prices is synchronized with the market decline caused by Trump tariffs. However, after the 90-day tariff suspension came into effect, most cryptocurrencies have shown signs of recovery, but Ton still fell 1.92% daily, highlighting that the challenges it faces far exceed the impact of macroeconomic factors.

• Whale activity surged in early April, triggering market alert. Previously, Ton Coin optimistically broke through the US$3.95 resistance level, and the market once expected that it would rebound to US$4.80.

• However, the whale then sold its positions on a large scale, instantly breaking its beautiful vision, and the sharp increase in sales caused the Ton coin price to plummet by 26.6% in just 8 days.

• As whales continue to adjust their positions, the average direction index (ADX) rose to 27, clearly indicating that the bearish trend is continuing to strengthen.

• The random oscillator has also entered the oversold zone, and various technical indicators indicate that Ton may fall further. Analysts even predict that it may fall to the psychological support level of US$2.00, which will drop by another 35% from the current price.

• Although Ton Coin is currently on a downward channel, some of its supporters are still full of hope. Steve Yun, a key figure in the TON Foundation, firmly believes that Ton coins have long-term potential.

• Yun stressed that TON Network is still resilient even after recent setbacks. As an independent and sustainable ecosystem, it continues to attract developers' attention, especially the development of new programming languages such as Tolk and Tact.

• In 2023, TON Wallet and Telegram were successfully integrated. This milestone event has quickly entered the public eye and helped it rank among the top ten cryptocurrencies.

• But even with this strong push, Ton Coin has accumulated a cumulative loss of more than 70% of its value since its June 2024 high, and currently ranks 16th in market value, and its growth momentum remains difficult.

• Ton Coin currently faces key support levels, at $2.88 and $2.68 respectively. If these two lines of defense can be adhered to, there will still be hope for a rebound in the future.

• Once it cannot be stabilized, the price may continue to decline, with the target price pointing to US$2.37. Its resistance is $3.88 and $4.12. Only by breaking through these levels can we usher in a more sustainable recovery.