Key Insights:
- TON Foundation launches a $25 million accelerator program for Open Network blockchain projects.
- Strategic alliance with Toncoin Fund aims to support visionary entrepreneurs in decentralised finance (DeFi).
- TON experiences market growth, reaching a 7-day peak of $2.05 and a significant increase in trading volume.
The TON Foundation has recently introduced a groundbreaking accelerator program worth $25 million, designed specifically for budding projects operating on the Open Network blockchain. This pioneering endeavour demonstrates unwavering support for startups and pledges to invigorate blockchain technology by fostering innovation and catalysing impactful transformations.
The organisation has formed a strategic alliance with Toncoin Fund, an exclusive fund of $250 million designed explicitly for nurturing visionary entrepreneurs developing on the TON blockchain. This initiative is geared towards empowering groundbreaking projects in various industries, with a particular focus on decentralised finance (DeFi), an ever-growing frontier.
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The foundation ensures that chosen projects for investment receive significant support, with financial resources ranging from $50,000 to $250,000 per venture.
Utilising Toncoin as its primary cryptocurrency, the accelerator initiative possesses the capability to bring about a transformative impact within the DeFi industry. Through the cultivation and backing of groundbreaking ventures, the TON Foundation strives to cultivate a dynamic ecosystem that continually pushes the limits of decentralised finance, thus revolutionising the sector.
The latest advancement sparked a notable upswing in investor assurance, erasing the preceding unfavourable pattern observed when assistance was discovered at the intra-day minimum of $1.92. Thanks to the optimistic market rebound, the TON price skyrocketed to an unprecedented 7-day peak of $2.05, only to encounter a hurdle. Currently, TON holds a value of $1.99, signifying a remarkable 3.47% surge compared to its previous closing price.
Throughout this gathering, TON experienced a substantial surge in its market capitalisation and 24-hour trading volume, showcasing a remarkable growth of 4.46% and 59.48%. This significant increase translated into impressive figures, with TON’s market capitalisation reaching a noteworthy $2,411,073,447 while the 24-hour trading volume soared to an outstanding $16,663,633.
TON/USD 24-hour price chart (source: CoinMarketCap)
TON/USD Technical Analysis
On the TON/USD 4-hour price chart, the Relative Strength Index (RSI) is swinging southward at 60.73, indicating that purchasing pressure is weakening. If the RSI falls below the “50” threshold, it may suggest that market sentiment is turning towards selling.
The stochastic RSI, at 84.94, is moving below its signal line and downward in the overbought region, indicating a shift in market sentiment. This level and trend suggest that the market is overbought and needs correction.
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If TON’s bullish momentum exceeds $2.05 (the 24-hour high), the next barrier level to watch is $2.09. If the bears retake control and the $1.88 support level is broken, the next level to watch is $1.82.
TON/USD chart (source: TradingView)
Conclusion
To summarise, the impressive $25 million accelerator initiative by the TON Foundation, coupled with their collaboration alongside the Toncoin Fund, has ignited a surge of trust among investors, resulting in TON’s value reaching unprecedented heights.
