📉 **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.

💬 **What are your thoughts on TON's future? Comment below!**