Toncoin (TON) brief rally came crashing down after UAE authorities debunked a viral claim that staking TON could secure a golden visa.
Toncoin TON $1.88 24h volatility: 1.2% Market cap: $4.54 B Vol. 24h: $138.79 M , the native token of The Open Network, took a sharp turn downward today, on July 7. It happened after the United Arab Emirates (UAE) government denied recent claims linking Toncoin staking to eligibility for the country’s coveted golden visa.
The market responded swiftly to the blow, with TON falling nearly 6% from its 24-hour high of $3.05 to its current price around $2.82.
The Golden Visa Mirage
The drama began when The Open Network announced that individuals who staked $100,000 worth of TON for three years and paid a $35,000 processing fee would become eligible for the UAE’s golden visa.
BREAKING:
🇦🇪 TON HAS JUST PARTNERED WITH UAE TO OFFER 10 YEAR GOLDEN VISA TO TON STAKERS.
– STAKE $100,000 $TON FOR 3 YEARS
– 10 YEARS DUBAI GOLDEN VISA
– SPOUSE / FAMILY INCLUDED
– $35,000 GOVT FEESMASSIVE FOR CRYPTO ADOPTION 🚀 pic.twitter.com/UC7ywfV5HF
— Ash Crypto (@Ashcryptoreal) July 6, 2025
The claim sent shockwaves through the crypto space, even prompting a repost from Telegram CEO Pavel Durov. Though there weren’t any official comments from him, this step added credibility to the rumor. However, the rally was short-lived.
Today, the Emirates News Agency has released a joint statement from three key regulatory bodies — the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority — denying any such link between crypto staking and golden visa eligibility.
🇦🇪 Update: UAE gov has confirmed you can’t get a Golden Visa by investing in crypto.
Bummer for $TON buyers, it’s ~6% down from today’s high and the news came out around an hour ago. 🫨 https://t.co/G2BydgTMFJ pic.twitter.com/LXxcqyh2ZE
— Sanjay (@SanjayWeb3) July 6, 2025
The agencies clarified that digital asset investments are governed by their own set of regulations and do not impact golden visa approvals.
TON Price to $2.02? Technical Breakdown
Meanwhile, price is compressing between a horizontal support at approximately $2.80 and a gradually declining resistance line.
With the most recent rejection at the triangle’s upper boundary and an increasing cluster of lower highs, the breakdown seems more probable than not.
The Balance of Power (BoP) indicator is currently hovering in negative territory at -0.13, signaling strong selling pressure behind recent price moves.
Meanwhile, the MACD histogram is leaning bearish with a widening divergence between the MACD and signal lines, pointing to growing downside momentum.
TON Daily Chart with Momentum Indicators | Source: TradingView
The initial support is at 1.0 Fib level ($2.60), and a likely bounce zone in the short term is at 1.618 Fib level ($2.38). Further, a deeper target if market sentiment remains weak is at the 2.618 Fib level ($2.02).
If TON fails to hold the $2.80 support zone, which it is currently testing, bears could gain full control, pushing prices toward the $2.38 level and possibly even the $2.02 zone.
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