Toncoin (TON) Eyes $2.88 Breakout Amid Market Uncertainty: Can Bulls Push to $5?

Toncoin (TON) is currently trading at $2.81, showing a modest 1.5% gain despite subdued trading volumes of $140.32 million. The token faced headwinds from the UAE's rejection of crypto-linked residency claims, but swift damage control by the TON Foundation prevented a deeper sell-off.

Market sentiment reflects a battle between bullish and bearish forces. crypto analyst Ali Martinez highlights that reclaiming the $2.88 resistance level is crucial for sustaining upward momentum. Trading activity remains cautious, with the token's $6.96 billion market cap indicating measured expectations.

Technical analysis reveals persistent selling pressure since TON's all-time high of $8.30. While consolidation above key support levels suggests potential base formation, the road to $5 remains dependent on overcoming near-term resistance barriers.