Toncoin Falls as Nasdaq Flags Rule Violation in $273M Purchase by Major Holder

The price of TON$1.6045 dropped 5% in 24 hours to $2.165 as market pressure intensified and Nasdaq reprimanded TON Strategy over a $272.7 million purchase of the token.

The price broke through key support zones on the way down, according to CoinDesk Research's technical analysis data model. Trading volumes surged to 5.76 million tokens, nearly 1.5 times the 24-hour average, confirming strong selling conviction.

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

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

TON Strategy (TONX), the largest publicly listed firm building a toncoin treasury, failed to obtain required shareholder approval before issuing stock to finance a large token acquisition, according to an Oct. 28 SEC filing.

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

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

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

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