Key takeaways
Why did TON slip today?
The Nasdaq warning caused panic selling. Spot Taker CVD turned red and Netflow reached $2.47 million confirming higher forex inflows.
What levels matter now for Toncoin?
A rebound above $2 could take TON towards $2.30, while $1.80 remains critical support.
Like most large cap tokens in 2025, Toncoin [TON] has seen significant demand from institutional investors. One of these institutional investors is TON Strategy Co., which has resorted to aggressively accumulating Toncoin as a treasury asset.
Nasdaq issues warning
According NasdaqTON Strategy Co. failed to obtain shareholder approval for its Toncoin purchases and a related private stock sale. Nasdaq said the company raised funds through PIPE before purchasing Toncoin.
Through PIPE, companies can sell shares privately to institutional investors to raise funds quickly.
Through this approach, TON Strategy sold $558 million worth of stock in August 2025 to purchase Toncoin for the same amount. However, the company failed to obtain shareholder approval for either a PIPE or the purchase of Ton tokens worth $273 million.
Despite these irregularities, Nasdaq determined that TON Strategy had no deliberate intent to avoid compliance.
Therefore, Nasdaq chose to issue a warning letter rather than delisting the company, as is the norm.
Selling pressure increases in the chain
After the warning, traders went on the defensive and sold on weakness. Spot Taker CVD turned red at the time of this publication, extending a week of seller dominance.
Source: CryptoQuant
On the contrary, Spot Netflow turned positive, indicating that the tokens moved to exchanges. At press time, Netflow read $2.47 million.
Often, positive Netflow suggested that holders were willing to sell. In fact, past peaks accelerated bearish moves.
Source: CoinGlass
Toncoin: price and level reaction
Unsurprisingly, after Nasdaq warned TON Strategy, investors and holders panicked, causing significant pressure on TON.
This sell-off dragged the token 9.76% lower, breaking $2.00 and reaching $1.918, indicating clear bearish dominance.
Source: TradingView
On top of that, the RSI fell to 33, close to oversold territory, while the strength of the sequential pattern fell to -13, confirming the seller’s continued control.
With indicators showing weakness, Toncoin may face more downsides. If conditions persist, the price could test $1.80, with $1.60 acting as important support.
Still, a bounce above $2.00 could open the way towards $2.30, should the bulls regain momentum.
