Telegram's associated cryptocurrency, Toncoin (TON), has seen a 34.50% surge this month, reaching $8.33 on June 14. However, it's now at risk of a sharp correction due to a mix of bearish catalysts. The Toncoin market's daily relative strength index (RSI) is nearing the overbought threshold of 70, a signal that typically precedes TON price pullbacks. Furthermore, the TON price is testing a multi-week horizontal trendline resistance. If a correction occurs, TON could decline by 20% by the end of June. Despite the ongoing price growth, TON's funding rate is negative, indicating more shorts than longs in the market.