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Amid the mainstream adoption of smart contracts and digital assets, Telegram-backed Toncoin (TON) has emerged as a top-tier layer one (L1) blockchain in the past year. However, the exponential adoption of The Open Network (TON) blockchain has significantly put a strain on the ecosystem, thus leading to the recent outages, akin to the Solana (SOL) network.
In addition to the recent legal challenges faced by Telegram founder and CEO, Pavel Durov, TON price has faced significant bearish sentiments.
The large-cap altcoin, with a fully diluted valuation of about $26.4 billion and a daily average traded volume of around $302 million, had dropped more than 24 percent in the past two weeks to trade about $5.01 on Tuesday, during the early New York session.
Toncoin Development Remains on Course
The Toncoin ecosystem has grown to more than $351 million in total value locked and over $619 million in stablecoins market cap in the past year. In a bid to foster sustainable development, TON Accelerator has announced the launch of the TON: Acc program to incubate start-ups seeking to build on The Open Network.
In the next three months, the TON:Acc will select five projects that will receive up to $2.5 million to further enhance their development on the Toncoin chain via tap-to-earn Telegram’s mini apps.
“ Projects building on TON have an audience of 950 million ready and waiting to engage with their product. TON:Acc will help projects find a clear route to market, providing them with the funding, expertise, and support they need to become the next billion-dollar project on TON,” Sophia Rusconi, Head of TON Accelerator, stated.
Midterm TON Price Targets
$TON – TEXTBOOK DISTRIBUTION RANGE PRICE ACTION DISPLAYED HERE 👑
— Kingpin Crypto (@Kingpincrypto12) September 3, 2024
Swing high -> Swing low -> Range formed -> Swing high swept -> Distribution -> Market structure break -> Selloff towards swing low.
Study this, it will literally save your ass from buying the top in the future. pic.twitter.com/BY9lji4ebo
Since reaching its all-time high (ATH) around $8.25 in mid-June, TON’s price has been trapped in a macro correction phase. From a technical standpoint, the TON price is in a distribution phase, which could see the altcoin further dump towards $4.5 in the coming weeks.
In the weekly time frame, TON price against the US dollar has been forming a possible head and shoulder (H&S) reversal pattern, coupled with a bearish divergence on the Relative Strength Index (RSI). Further drop below $4.5 in the midterm could push the altcoin towards $2.7, before a rebound to a new ATH.