The price of TON fell nearly 5% in a single trading session, landing at $1.71. The drop came as sellers maintained control of the market, even though top-tier traders held 67% long positions. Open interest jumped 20%, signaling that money is flowing into the asset even as the price slides.
Why sellers are winning
Despite the majority of high-volume traders betting on a price increase, the market has not followed their lead. Sellers have been able to push the price lower, suggesting that the selling pressure from smaller or mid-tier participants is outweighing the conviction of the largest players. The 5% decline in one session is a sharp move for a token that had been trading in a relatively tight range.
Open interest spike
The 20% rise in open interest means more contracts are being opened, not closed. That usually points to new money entering the market, but in this case it's happening alongside a price drop. That combination can be a warning sign: if the new positions are mostly short bets, the decline could accelerate. If they're longs being added at lower prices, it might set up a squeeze if the trend reverses.
What traders are watching
The next few sessions will show whether the long-heavy positioning among top traders is a contrarian signal or a sign that they see value at these levels. A break below $1.70 could trigger more selling, while a bounce back above $1.80 would test whether the sellers are losing steam. No official statements from the TON Foundation or related projects have been released about the move.
