TON has rebounded significantly in the past 24 hours, with prices rising to around $1.70 at one point, continuing its upward trend from its previous lows. However, this rally has not been accompanied by stronger market participation; spot trading volume has actually declined, indicating that while buying pressure is driving prices up, follow-up buying remains limited.
Spot prices rose, but trading volume decreased.
Data shows that TON spot trading volume decreased by 16.51% from the previous day to $250.8 million. A price increase coupled with reduced trading volume typically indicates that the price movement is driven more by localized buying than by widespread capital inflows.
This also indicates that although TON has rebounded from its recent lows, trading activity has not yet caught up. If trading volume remains weak, the sustainability of the price increase remains to be seen.
The futures market is still biased towards sellers.
Unlike the spot market, derivatives data did not show a consistent willingness to chase rising prices. Futures Taker CVD remained seller-driven, indicating that during price rebounds, active selling pressure remained stronger than active buying pressure.
This divergence typically means that the current rally may be partly driven by passive buying or short covering, rather than by new futures funds continuously pushing up prices. At the same time, futures trading activity has entered a relatively high range, market speculation has intensified, and subsequent volatility may increase accordingly.
Watch for a move up to $2.10.
Looking at the liquidation heat distribution, there is already a relatively dense liquidity range above TON, mainly concentrated between $1.78 and $1.82, extending to around $1.85 and $1.90. If the price continues to rise, related short positions may face greater pressure.
After holding the $1.50 support level, TON has moved away from its recent lows, but the more crucial $2.10 resistance level has yet to be broken. The original text mentioned that while the MACD has improved somewhat, it remains in a bearish structure overall, meaning that reduced selling pressure does not necessarily indicate a trend reversal.
