Toncoin Under Pressure as Nasdaq Reprimands TON Strategy Over $272M Deal

In a fresh development adding turbulence to Toncoin’s market narrative, TON Strategy, a publicly traded company that has been accumulating Telegram-linked Toncoin tokens, has been formally reprimanded by Nasdaq. 

The exchange cited violations related to the company’s $272.7 million Toncoin purchase and related PIPE financing, according to a filing with the U.S. Securities and Exchange Commission (SEC).

Nasdaq’s investigation found that TON Strategy — formerly Verb Technology Company — failed to obtain shareholder approval for a stock issuance tied to its private investment in public equity (PIPE) deal, which funded nearly half of its Toncoin purchase. 

Under Nasdaq rules, companies must secure shareholder consent when newly issued stock exceeds 20% of shares outstanding — a threshold TON Strategy crossed without approval.

Despite the breach, Nasdaq stated the violation was not intentional, emphasizing that delisting was not warranted. 

The reprimand comes just weeks after the company’s CEO, Veronika Kapustina, warned of a growing “bubble” in digital asset treasury companies, suggesting the market’s rapid expansion may be running ahead of fundamentals. 

TON Strategy’s restructuring also saw Manuel Stotz, former TON Foundation president, appointed as executive chairman — signaling a continued pivot toward strategic oversight and institutional focus.

Price Action Weakens Near $2.00

Against this backdrop, TON has entered a fragile consolidation phase, with price action slipping below its short-term exponential moving averages and showing declining momentum. The recent pullback near the $2.00 zone underscores a loss of bullish conviction that coincides with mounting regulatory and sentiment pressures.

Daily chart for TON/USD (Source: GeckoTerminal)

The 9-day EMA has now crossed below the 20-day EMA, a signal that short-term momentum is turning negative. The MACD remains slightly below its signal line, suggesting mild bearish momentum rather than outright selling panic. Meanwhile, the RSI hovering near the mid-30s points to a market that is neither oversold nor strong — a zone that often precedes either a technical rebound or deeper retracement, depending on sentiment shifts.

Resistance and Support Levels

The crypto’s price now faces heavy resistance around $2.236, followed by upper ceilings at $2.860 and $2.913. Clearing the $2.35 ask wall, which holds roughly 595,000 units (≈$1.4 million), could ignite a 17% upside move, yet doing so may prove difficult in the near term given market uncertainty.

Below, critical liquidity zones are positioned at $1.50, $0.90, and $0.60 — each representing major bid walls. Should any of these levels give way, the losses could accelerate sharply, with a 25% to 70% downside risk depending on which wall breaks. These defensive layers of liquidity will likely play a crucial role if selling pressure intensifies.

Market Outlook: Bearish Bias with Speculative Rebound Potential

The combination of a technical downturn and the Nasdaq reprimand has dampened sentiment around Toncoin. The regulatory headlines are likely to weigh on institutional appetite for TON exposure, especially as traders weigh compliance risks and potential reputational drag on projects linked to TON Strategy’s activities.

However, given the proximity to support and mild oversold conditions, speculative traders may look for short-term long entries near $2.00, targeting resistance zones around $2.236 or $2.35 if volume strengthens. Conversely, short positions could be favorable near the resistance levels, with downside targets set around $1.80 and below, provided momentum remains weak.

Until a decisive breakout above $2.35 occurs, the broader trend remains neutral-to-bearish, and any recovery attempt will depend heavily on whether TON can sustain buying pressure amid macro and regulatory crosscurrents.

Outlook

In summary, the crypto’s latest chapter merges market fragility with regulatory friction. The Nasdaq reprimand against TON Strategy adds a layer of uncertainty to an already cautious technical setup. 

With key resistance walls looming overhead and limited bullish momentum, traders may prefer patience over aggression until a clearer directional signal emerges.

Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.