$TON In August 2024, **Toncoin (TON)** is experiencing a significant price drop, currently trading at around $6.13 after a 6.99% decline in the last 24 hours, and a 15.08% decline in the last 30 days. This drop is attributed to the formation of a bearish technical pattern known as a “rising wedge,” which indicates that TON price could reach $5 if current trends continue.

Despite this decline, there is increasing activity within the Toncoin ecosystem, including new partnerships and increased adoption of TON-based games. Additionally, whales (large investors) are seen continuing to accumulate the coin, indicating strong confidence in the coin’s long-term potential.

Technical analysis shows some support at the $5.61 level, which could lead to a price rebound if it finds sufficient support from the market. However, investors should be cautious given the current market volatility [[❞]]