Toncoin (TON) drops to $1.5 as liquidations surge and spot sells rise
Toncoin (TON) is slipping into a fresh downtrend, falling to a monthly low near $1.5 amid market panic and bearish sentiment. After a May rally, TON eased further to around $1.5, down about 2.1% on the day and roughly 10.2% on the week. The sell-off pushed TON below both short- and long-term moving averages, a sign traders associate with sustained weakness.
Futures flows worsened the move. On June 5, about $7.66M in leveraged longs were liquidated, followed by roughly $1M on June 6. At the same time, TON open interest fell about 10% to a monthly low around $318M—suggesting leverage is being pulled and risk appetite is fading. When speculative positioning cools, downside often accelerates in the short term.
On the spot side, TON’s spot netflow flipped positive at about $1.32M (from -$4.59M the prior day). This indicates active spot sellers are becoming more aggressive, which frequently precedes further weakness.
Technically, TON’s bullish structure looks fragile. DMI shows +DI slipping to 24 while -DI rises to 21, and ADX around 25 points to strengthening downside momentum. If selling pressure persists, TON could lose the $1.5 support and target about $1.3. Bulls need to hold $1.5 and reclaim $2 to invalidate the bearish setup.
Bearish
Bearish. TON is losing key technical support ($1.5) while both futures and spot activity confirm rising selling pressure. The large leveraged-long liquidations ($7.66M then $1M) typically mark forced deleveraging; historically, after this stage, price can remain heavy because traders reduce risk and rally attempts often fail. The drop in open interest (~10% to ~$318M) supports the idea that leverage is being withdrawn rather than new buying replacing it.
On the spot side, the positive spot netflow shift (+$1.32M after -$4.59M) is framed as increased spot selling activity, which frequently precedes further downside. Technically, DMI (+DI down to 24 vs -DI up to 21) and ADX (~25) suggest downside momentum strengthening.
Short-term, this combination raises the probability of a break below $1.5 and a move toward ~$1.3. Long-term, the bearish thesis weakens only if TON can reclaim $2 and restore its bullish structure; otherwise, broader market risk sentiment could keep selling pressure elevated.