đ **Toncoin Faces Bear Market Woes Amid Strong On-Chain Metrics**
- **Price Drop**: Toncoin (TON) is trading at $5.81, down over 30% from its year-to-date high.
- **On-Chain Activity**: Activated wallets surged to 20.8 million from January's 1.1 million. Daily burns hit a high of 39,000 Toncoins.
- **DeFi Decline**: TVL in TON's network fell from $765M in July to $427M, dropping TON to the 20th position in DeFi.
- **Market Trends**: Futures open interest dropped to $260M, the lowest since Sep. 12.
- **Technical Analysis**: TON risks forming a death cross pattern, potentially leading to further declines.
đŹ **What are your thoughts on TON's future? Comment below!**
