Toncoin (TON) traded lower on Thursday, falling to around $2.00 as selling pressure that emerged in early May continued to weigh on the token.
TON is down about 5% over the past week, and the latest decline has brought the token close to a key psychological support level.
Further weakness in Bitcoin could add to downside pressure.
Despite the pullback, Toncoin remains up roughly 46% over the past month, suggesting that broader bullish momentum has not fully faded.
Analysts note that renewed strength across the altcoin market could still provide support for a fresh upward move.
Toncoin’s recent price gains
Toncoin’s notable month-to-date gains largely coincided with a high-profile announcement from messaging platform Telegram.
Founder Pavel Durov disclosed plans to integrate Telegram with the TON blockchain, including support as a validator.
Durov’s update signalled a potential influx of institutional and retail interest, with his view being that the integration would attract other key players to the network.
Market participants interpreted the development as a catalyst for increased staking demand, and TON surged to near $2.90 as traders and investors rotated capital into the token.
However, the rally proved vulnerable to broader market dynamics.
As Bitcoin pulled back toward intra-month lows of around $76,000, Toncoin’s advance faded and selling intensified.
The token dipped to a low of $1.99 on Thursday, a move accompanied by a roughly 34% increase in daily trading volume — an indication that the decline attracted heightened participation and that stop-loss orders or short sellers may have contributed to the price drop.
Toncoin price outlook
As the chart below shows, Toncoin has largely been in a downtrend since May 7, 2026.
This is when the altcoin reached local highs of $2.90 before a deeper pullback to lows of $1.80 on May 16, 2026.
Despite recent weakness, price action is forming what appears to be an ascending triangle pattern, with higher intraday lows converging toward a horizontal resistance area.
This structure suggests that TON may continue to retest the supply zone above $2 in the near term.
A breakout could materialize if buyers move in amid broader market gains.
Such a successful return to upside momentum would position Toncoin to challenge resistance levels at approximately $2.14 and $2.50, where earlier price congestion and supply have been observed.
However, market risk remains, and the next moves could be closely tied to Bitcoin’s trajectory.
Continued weakness in the largest digital asset would likely exacerbate selling across altcoins, including TON.
The daily chart suggests that key moving averages could provide additional downside context for Toncoin.
The 50-day and 200-day exponential moving averages are currently clustered near $1.74 and $1.76, forming a compact support zone that may come into focus if the $2.00 level gives way.
A sustained break below these EMAs would likely increase downside pressure and could open the path toward lower support levels last seen in January 2026.
The post Toncoin price touches support at $2, risks fresh downside appeared first on Invezz
