The Open Network (TON) has been preparing to re-enter the US market under the Donald Trump administration after years of using geoblocking measures.
TON price must regain the support level around $4.5 to invalidate potential further selloff.
As Bitcoin price fails to demonstrate short-term bullish sentiment, the altcoin industry, including Toncoin (TON), has signaled potential further midterm correction. The existence of thousands of altcoins in the crypto industry has heavily diluted the cash inflow, thus weighing down the long-term bullish sentiment. The TOTAL2 market cap, which excludes Bitcoin only, has been forming a potential short-term selloff towards $1 trillion.
Midterm Targets for TON Price
Toncoin price has gradually been forming a falling trend, since hitting its all-time high of around $8.8 in April last year. The large-cap altcoin, with a fully diluted valuation of about $19.6 billion and a 24-hour average trading volume, recently slipped below a crucial support level above $4.5, which had held since May 2024 until earlier this month.
In case Bitcoin price drops towards $91K again, TON price will not be immune from the market convention after most top altcoins already depicted a positive correlation with BTC price action.
The short-term bearish sentiment for Toncoin price will be invalidated if the altcoin consistently closes above $4.5. In such a scenario, TON price will kickstart the next bullish leg towards a new all-time high, and possibly mark the thrilling phase of the 2024/2025 crypto bull market.
Robust Fundamentals
The TON core developers have embarked on making the Toncoin ecosystem a vibrant DeFi space backed by the Telegram messenger. Furthermore, the TON ecosystem has faced significant headwinds since the arrest of , the CEO and founder of Telegram, in France last year. TON whales have not accumulated aggressively in the past few months despite the ongoing correction.
However, the TON core developers and investors led by TVM Ventures have remained focused on making scalable DeFi projects. TVM Ventures recently unveiled its $100 million fund initiative to back DeFi developers on the TON network.
Meanwhile, the much-awaited implementation of Telegram’s new regulations for blockchain mini-apps to use exclusively TON has been scheduled for February 21. The upcoming Telegram rule change for TON Mimi apps will heavily benefit Toncoin’s on-chain activity, catalyzed by the mainstream adoption of digital assets.
In a bid to attract more DeFi developers, the Toncoin team announced a Migration Grant program geared to helping mini apps move from other chains to the TON blockchain seamlessly. According to the , DeFi developers can expect up to $50k in AD Credits for eligible projects
The TON ecosystem has already attracted GamiFi developers, with the latest being AKEDO Games which has recently raised funds from the community of investors led by Karatage.