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TON Foundation’s $25M Accelerator Ignites TON Price Surge to 7-Day High

source-logo  coinedition.com 24 May 2023 13:40, UTC

TON Foundation launched a $25M accelerator program for emerging projects on the Open Network blockchain. Unveiling support for startups, this initiative promises to fuel innovation and drive transformative change in the blockchain industry.

"#TON Accelerator Program to Funnel $25 million into Emerging Projects on The Open Network ( $TON )"


— TON 💎 (@ton_blockchain) May 23, 2023

The foundation has partnered with Toncoin Fund, a dedicated $250 million ecosystem fund, to empower founders building on the TON blockchain. The program aims to propel breakthrough initiatives across diverse sectors, emphasizing decentralized finance (DeFi), a rapidly expanding frontier.

Projects selected for investment can expect substantial backing, with funding ranging from $50,000 to $250,000 per venture, as confirmed by the foundation.

With Toncoin, the native coin of the TON blockchain, as its financial backbone, the accelerator program holds the potential to revolutionize the DeFi sector. By nurturing and supporting these pioneering projects, TON Foundation aims to foster a vibrant ecosystem that pushes the boundaries of what is possible in decentralized finance.

This recent development generated a surge in investor confidence, nullifying the negative trend witnessed earlier when support was found at the intra-day low of $1.88. As a result of the bullish market recovery, the price of TON soared to a new 7-day high of $2.0520 before encountering resistance. At press time, TON was valued at $1.97, representing a remarkable 4.57% surge from its previous close.

During this rally, TON’s market capitalization and 24-hour trading volume witnessed a significant boost of 4.46% and 59.48%, respectively, amounting to $2,411,073,447 and $16,663,633.

TON/USD 24-hour price chart (source: CoinMarketCap)

TON/USD Technical Analysis

The Relative Strength Index (RSI) on the TON/USD 4-hour price chart swings southward at 60.73, indicating that purchasing pressure is weakening. If the RSI goes below the “50” level, it may suggest that market sentiment is shifting toward selling.

With a value of 84.94, the stochastic RSI is going below its signal line and downwards in the overbought area, supporting a change in market mood. This level and movement indicate that the market may be overbought and due for a correction.

If TON’s bullish momentum breaks over the $2.05 (24-hour high), the next resistance level to monitor is $2.09. However, if the bears regain control and the $1.88 support level is breached, the next level to monitor is $1.82.

TON/USD chart (source: TradingView)

In conclusion, TON Foundation’s $25 million accelerator program and partnership with Toncoin Fund have sparked investor confidence, propelling TON’s price to new highs.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.