Core Insights - Toncoin (TON) experienced a 3.3% decline in the past 24 hours, dropping to $1.596, amidst a broader downturn in the crypto market, despite signs of increasing institutional interest through trading volume and ecosystem expansion [1][2] Trading Volume and Price Action - There was a 20% increase in trading volume over the seven-day average, indicating potential accumulation, yet the price struggled to surpass the $1.65 level, suggesting that the buying activity may be driven by institutions rather than retail investors [2] - The price action of TON has shown a mismatch with trading volume, reflecting a more patient buying approach from institutions [2] Ecosystem Developments - Telegram has launched its crypto wallet service in Uzbekistan, allowing residents to use local bank cards for crypto transactions, which provides Toncoin with a new market presence in Central Asia, although this does not guarantee increased demand for the cryptocurrency [3] Technical Analysis - The technical outlook for TON remains mixed, with the token consolidating below the resistance level of $1.65 and support forming just above $1.59. A breakout above the $1.70 zone is needed to regain bullish momentum, while failure to maintain current levels could lead to a decline towards $1.55 or lower [4] - The fundamentals of TON, including rising on-chain revenue and wallet adoption, are currently facing short-term market pressures and uncertainties regarding the overall direction of the crypto market [4]