TON’s recent price action reveals the complex interplay between project-specific developments and global economic factors. The token’s dramatic 24-hour range from $3.22 to $3.47 demonstrates how quickly sentiment can shift in cryptocurrency markets affected by international trade tensions. While TON found critical support at $3.22-$3.24, the pronounced bearish momentum that emerged resulted in a 6.2% decline from daily highs before a modest recovery attempt in final trading hours.

Technical Analysis

• TON exhibited a 7.7% price range ($3.22-$3.47) over 24 hours, with an early rally followed by persistent selling pressure.
• Key resistance established at $3.44-$3.47 with high-volume rejections during the 14th and 15th hours. Support found at $3.22-$3.24 in later trading sessions.
• Bearish momentum after midnight resulted in a 6.2% decline from the day’s high.
• Volume patterns suggest continued downside vulnerability despite modest recovery attempts.
• Buyers returned to push TON above $3.27 by session’s end, suggesting renewed bullish sentiment.

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The cryptocurrency market faces headwinds as geopolitical tensions and security concerns weigh on investor sentiment.

SUI’s sharp overnight decline coincides with broader market uncertainty, though strong buyer interest emerged at support levels around $3.40-$3.42.

Meanwhile, the Sui community has rallied behind Cetus Protocol’s recovery efforts following its recent hack, with validators overwhelmingly approving a plan to return frozen funds to affected users.

Technical Analysis Highlights

• SUI-USD dropped precipitously from $3.59 to a low of $3.38 during the midnight hour with extraordinary volume (24.8M) — more than triple the average hourly trading activity.
• The overall range of $0.225 (6.25%) demonstrates substantial market uncertainty, with price finding support at $3.40-$3.42 on high volume, suggesting strong buyer interest at these levels.
• Following the sharp decline, SUI has established a recovery pattern, forming an ascending channel with resistance around $3.50, though momentum appears to be waning as evidenced by the recent rejection at $3.48 with increasing selling pressure.
• Price action formed a descending channel from $3.48 to a low of $3.42, with notable support emerging at $3.43.
• Volume spiked dramatically at 14:00, reaching 545,865 units—nearly 4x the hourly average—coinciding with a strong bounce from $3.43 to $3.44.
• The subsequent rejection at $3.44 and retracement to $3.43 suggests the formation of a potential range-bound pattern, with immediate resistance at $3.44 and support at $3.43, indicating market indecision following the earlier sharp decline.

The Ethereum blockchain has yet to see a significant increase in activity despite successive upgrades, investment bank JPMorgan (JPM) said in a research report.

«Neither the number of daily transactions nor the number of active addresses saw a material increase post recent upgrades,» analysts led by Nikolaos Panigirtzoglou wrote in the Wednesday report.

Still, total value locked (TVL) on Ethereum increased between the Dencun upgrade in March 2024 and Pectra earlier this month, the bank noted, possibly due to increased lending and borrowing on decentralized exchanges (DEXs), but the increase looks lower in dollar terms than in the blockchain’s ether ETH token.

Ethereum activated the Pectra upgrade on May 7. The update aims to streamline staking, enhance wallet functionality and improve overall efficiency.

Pectra makes the ETH token and Ethereum itself more appealing to institutions, the bank said. It distinguishes the network from competitors, but the upgrades haven’t boosted activity in a meaningful way.

The bank noted that following the Dencun upgrade, both average and total fees fell, in part because of a shift toward layer 2 chains.

Ether’s circulating supply also increased after Dencun, which raised concerns about the crypto «becoming an inflationary asset amid subdued transaction activity,» JPMorgan said.

Futures positioning suggests that institutions played a large role in the recent rally in ether, the report added. Ether has risen more than 45% in the past month, CoinDesk data show.

Read more: Ether Only Crypto Major in Green, XRP Muted After Mammoth Treasury Plans