Foreign media analysis suggests that after a rapid rise in early May, Toncoin has recently entered a consolidation phase. The price briefly rose from around $1.40 to around $2.91 before falling back, but selling pressure failed to push the price back to previous lows. Market focus has shifted to whether buyers can regain control.
Sellers repeatedly pushed prices down to the $1.69 to $1.80 range during the pullback, but support remained in this area, leading to a series of higher lows for TON in late May. As the lows gradually rose, prices returned above $2 and even approached $2.40.
The $1.69 to $1.80 range remains a support zone.
The article argues that the fact that this round of decline did not develop into a structural breakdown indicates that buying pressure remains. Although the price has fallen back from around $2.40, showing that selling pressure has not disappeared, the bears have not yet fully taken control of the situation.
Currently, TON is still oscillating between the $1.69 support level and the $2.28 resistance level. Buyers have made several attempts to push the price upwards, but each upward move has slowed before reaching the upper supply zone, reflecting that the market is still digesting previous selling pressure.
$2.28 becomes a short-term watershed.
The article considers $2.28 to be a more critical level at present. If buyers can break through and turn this level into support, the upside potential for TON could open up further, with the price potentially targeting the $2.50 to $2.60 area before testing the previous high of $2.91.
Conversely, if prices encounter resistance again around $2.28, the consolidation phase could extend further. In that case, the market will likely continue to fluctuate within a range, awaiting new catalysts.
Buying is still trying to push the lows higher.
The article also mentioned that although TON failed to break higher multiple times, sellers also failed to push the price back to the key support level of $1.69. This means that buying power has not disappeared, but has gradually accumulated during the fluctuations.
In this type of compressed price movement, prices typically do not remain within a narrow range for long. If the selling pressure above is further absorbed, TON may re-enter an upward testing phase; if the breakout continues to fail, the current consolidation structure may persist for longer.
