Foreign media reports that Toncoin has recently returned to traders' attention after its price rebounded following a support test around $1.80, and has since climbed back above the $2 mark. Along with the price recovery, TON futures trading volume and open interest have increased, and on-chain funding data has shown signs of stabilization. The market is now focusing on whether this recovery can continue.
Prices have returned above $2
The article mentions that TON had previously tested $3, but then quickly fell back, with the price dropping back to the $1.75 to $1.80 range. This range subsequently saw buying support, driving the price back up by approximately 5% for the day.
Currently, TON has reclaimed the $2 level, and the $1.90 to $2.00 area has begun to shift from previous resistance to short-term support. If the price can continue to hold above this level, the market's assessment of its recovery will be further strengthened.
The article also points out that TON's recent price action has begun to show higher lows, which usually indicates a slowdown in the previously sustained downward pressure. Going forward, the $2.80 to $3.00 range remains a major resistance zone, where the previous decline accelerated.
Futures open interest has rebounded significantly.
Data from the derivatives market also supports this rebound. Reports show that TON futures trading volume increased by more than 63%, with open interest approaching $500 million, indicating that traders are readjusting their positions.
- Futures trading volume increased by more than 63%.
- Open interest is close to $500 million.
- Signs of traders repositioning are increasing.
Such changes typically indicate a rebound in market participation. If prices continue to rise while open interest remains high, short-term volatility may increase further, and the battle between bulls and bears around $3 will become more pronounced.
On-chain funds show signs of stabilizing
In addition to price and futures data, TON ecosystem metrics have also shown signs of recovery. According to DeFiLlama data, the total value locked in the TON network has risen to approximately $76 million, and on-chain stablecoin liquidity has remained above $800 million.
The article argues that for a price rebound to continue, both trading activity and on-chain liquidity need to improve simultaneously. Currently, for TON, the futures market is heating up, and on-chain indicators are no longer weakening, providing support for the price to rebuild its structure above $2.
If the market can break through the $3 area again, its attention may shift further to the $4 level, a historically high supply concentration and psychological barrier. Conversely, if it falls below the support level around $1.80 again, this recovery could be interrupted.
