Nasdaq's Warning Leads to a 10% Drop in Toncoin: Understanding the Factors Behind the Decline

The recent warning from Nasdaq has sparked significant selling pressure on Toncoin (TON), resulting in a nearly 10% drop in its price. This article delves into the causes of this decline and the current state of the market for Toncoin.

Key Takeaways

Nasdaq's warning led to panic sell-offs, with Spot Taker CVD turning red and Netflow reaching $2.47 million, indicating significant inflows to exchanges.
If Toncoin can rebound above $2, it could rise towards $2.30; however, $1.80 is identified as a key support level.
Institutional interest in Toncoin remains, particularly from TON Strategy Co., which has been aggressively acquiring Toncoin as part of its treasury strategy.

Toncoin [TON]

Nasdaq's Warning

Nasdaq reported that TON Strategy Co. did not receive shareholder approval for its Toncoin acquisitions, along with a private stock sale related to these purchases. The company had raised funds through a Private Investment in Public Equity (PIPE) before acquiring Toncoin.

PIPEs allow companies to sell shares directly to institutional investors, helping them raise capital quickly. In August 2025, TON Strategy sold $558 million in shares for the purpose of buying an equal amount of Toncoin. However, it failed to secure the necessary shareholder approval for both the PIPE and the subsequent purchase of $273 million in Ton tokens.

Despite these compliance issues, Nasdaq concluded that there was no intentional wrongdoing by TON Strategy. As a result, instead of delisting the company, Nasdaq chose to issue a warning letter.

Increased Selling Pressure On-Chain

Following Nasdaq’s warning, traders became cautious and began selling their holdings, leading to a shift in the market sentiment. The Spot Taker CVD indicator turned red, reflecting a week of seller dominance.

Toncoin spot netflow Source: CryptoQuant

Conversely, the Spot Netflow metric turned positive, indicating that tokens were moving to exchanges, with Netflow recorded at $2.47 million at the time. Generally, a positive Netflow suggests that holders are preparing for a sale, and previous spikes have often led to further declines in price.

Toncoin spot netflow Source: CoinGlass

Toncoin's Price Reaction and Key Levels

In light of Nasdaq's alert regarding TON Strategy, panic ensued among investors and holders, resulting in downward pressure on Toncoin. The asset saw a drop of 9.76%, breaking the $2.00 mark and touching a low of $1.918, indicating a strong bearish trend.

Toncoin SPS & RSI Source: TradingView

The Relative Strength Index (RSI) fell to 33, nearing the oversold zone, while the Sequential Pattern Strength dropped to -13, signaling continued control by sellers. Given these indicators, Toncoin could experience further declines if current conditions remain unchanged. If prices continue to drop, they might test the $1.80 level, with $1.60 serving as important support.

However, should Toncoin manage to recover and breach the $2.00 threshold, it could pave the way for an upward movement towards $2.30 if buyers regain strength.