Toncoin ($TON ) has recently been experiencing significant volatility in the cryptocurrency market. Key events that impacted its performance include its listing on Binance on August 8, 2024, which initially boosted the price, leading to a 10% increase in a single day due to increased demand and trading volume.

However, this rally was not sustainable. The coin faced a number of challenges, including a 40% drop in network activity, indicating reduced investor interest and fewer transactions being conducted. This was coupled with a 9.5% price drop in a week, culminating in a pullback below $6.50.

In addition, the situation was exacerbated by rumors about the arrest of Pavel Durov, founder of Telegram, which created additional uncertainty in the market and contributed to the selling pressure.

Technically, Toncoin also faced a negative breakout from a chart pattern known as a rising wedge, which is usually a sign of a downward trend reversal. This suggests that Toncoin’s price could continue to decline, potentially towards the $5 range, if there is no significant recovery.

These factors combined reflect a period of uncertainty and volatility for Toncoin, with risks of further declines in the near term.