From a technical perspective, TON has recently shown obvious signs of fatigue. The highs have been established, and the subsequent pullback has led many to reassess the short-term direction of this project. The key support level is around 1.855; once this level is broken, the 1.65 level below becomes the first critical point.

Currently, various technical indicators are also weakening, which further reinforces the bearish outlook. If this trend continues, the lower support level at 1.4 may also be tested. Of course, this judgment is based on the premise that the technical trend remains bearish.

For traders, if they want to participate in this potential decline, a small position for testing is indeed a safer approach. Large positions often carry risks that are seriously underestimated, especially when market sentiment is uncertain. Stay cautious, operate in batches, and maintain enough flexibility to respond to possible reversals, so as to better seize opportunities.