Toncoin price breaks below an ascending trendline, suggesting a change in market structure from bullish to bearish. On-chain data shows that TON's Exchange Flow balance is increasing, signaling a bearish move. A daily candlestick close above $7 would invalidate the bearish thesis. Toncoin price broke below an ascending trendline on Tuesday, and as of Thursday, it is trading 3% around $6.50.
If the price rises at this level, a significant amount of investors may opt to sell to get a breakeven on their positions. From a technical analysis perspective, the $6.93 resistance level aligns with the IOMAP findings, marking this zone as a crucial reversal point to monitor. TON IOMAP chart Santiment's Exchange Flow balance for TON shows the net movement of tokens into and out of exchange wallets.