Toncoin (TON) Falls 5% as Nasdaq Flags Rule Violation in $273M Purchase by Major Holder

The price of TON$2.1583 fell 5% in 24 hours to $2,165 as market pressure intensified and the Nasdaq reprimanded TON Strategy over a $272.7 million purchase of the token.

The price broke through key support areas along the way, according to CoinDesk Research’s technical analysis data model. Trading volumes increased to 5.76 million tokens, almost 1.5 times the 24-hour average, confirming a strong selling conviction.

A brief late session rebound helped TON recover from its $2.162 low, but resistance near $2.19 capped the rebound. The broadest crypto market, measured via the CoinDesk 20 (CD20), down 3.7% in the last 24 hours.

TON’s underperformance also came amid a rebuke from Nasdaq to one of the token’s largest holders.

TON Strategy (TONX), the largest publicly listed firm building a toncoin treasury, has failed to obtain the necessary shareholder approval before issuing shares to finance a large token acquisition, according to an October 28 report. deposit SEC.

The deal, structured as a private investment in public equity (PIPE), used almost half of the proceeds, about $273 million, to buy toncoin.

Nasdaq reported the violation of the rule, but stopped short of recommending delisting, citing no apparent intention to evade compliance. Still, the warning adds pressure to TON Strategy’s broader effort to legitimize a public treasury focused on cryptocurrency. TON Strategy currently holds 217.5 million tokens.

TON’s price action is now largely driven by technical levels. Support appears to be forming near $2.162, while resistance at $2.19 may continue to block upside attempts.

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