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<p>The post <a href="https://coinpedia.org/news/telegrams-toncoin-ton-in-freefall-could-the-altcoin-hit-rock-bottom-soon/" rel="noopener noreferrer nofollow">Telegram’s Toncoin (TON) in Freefall: Could the Altcoin Hit Rock Bottom Soon?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>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.</p>
<p>In addition to the recent legal challenges faced by Telegram founder and CEO, Pavel Durov, TON price has faced significant bearish sentiments.</p>
<p>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.</p>
<h2 class="wp-block-heading" id="h-toncoin-development-remains-on-course">Toncoin Development Remains on Course</h2>
<p>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.</p>
<p>In the next three months, the TON:Acc will select five projects that will receive up to $2.5 million to further enhance their development on the Toncoin chain via tap-to-earn Telegram’s mini apps.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>“ Projects building on TON have an audience of 950 million ready and waiting to engage with their product. TON:Acc will help projects find a clear route to market, providing them with the funding, expertise, and support they need to become the next billion-dollar project on TON,” Sophia Rusconi, Head of TON Accelerator, <a href="https://blog.ton.org/ton-accelerator-launches-25million-ton-acc-incubator-and-ton-acc-portal" rel="noopener noreferrer nofollow">stated</a>.</p>
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<h2 class="wp-block-heading" id="h-midterm-ton-price-targets-nbsp">Midterm TON Price Targets&nbsp;</h2>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$TON</a> – TEXTBOOK DISTRIBUTION RANGE PRICE ACTION DISPLAYED HERE <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f451.png" alt="👑" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Swing high -&gt; Swing low -&gt; Range formed -&gt; Swing high swept -&gt; Distribution -&gt; Market structure break -&gt; Selloff towards swing low.<br><br>Study this, it will literally save your ass from buying the top in the future. <a href="https://t.co/BY9lji4ebo" rel="noopener noreferrer nofollow">pic.twitter.com/BY9lji4ebo</a></p>— Kingpin Crypto (@Kingpincrypto12) <a href="https://twitter.com/Kingpincrypto12/status/1830935003976409355?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 3, 2024</a>
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<p>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.&nbsp;</p>
<p>In the weekly time frame, TON price against the US dollar has been forming a possible head and shoulder (H&amp;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.</p>

Telegram’s Toncoin (TON) in Freefall: Could the Altcoin Hit Rock Bottom Soon?

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