TON Network Sees Mixed Signals Amid Ecosystem Growth and Price Volatility

The Open Network (TON) blockchain is experiencing both significant ecosystem growth and price volatility, as recent developments paint a complex picture of the Telegram-supported network’s trajectory.

$5M TON Accelerator Program Launches Amid Growing Ecosystem

TON Accelerator has unveiled “Cohort 2.0: Synergy,” a $5 million program backed by TON Ventures and Mantle EcoFund. This initiative aims to foster innovation within the TON ecosystem, particularly targeting Telegram’s massive 950 million user base. The program follows a successful $2.5 million initial cohort launched in September, which supported five projects from concept to product.

The accelerator’s focus areas include decentralized finance, cross-chain gaming, and staking, with the potential to unlock $90 billion in cross-chain liquidity. This expansion comes as TON’s Total Value Locked (TVL) has shown remarkable growth, rising from $75 million at the start of 2024 to peak at $1.13 billion in June, though it has since retracted to $707 million.

TON Network’s USDT Integration Shows Strong Growth

A notable bright spot has been TON’s USDT stablecoin integration, which recently surpassed the $1 billion milestone – representing a 670% increase over six months. This growth mirrors broader trends in global stablecoin adoption, with countries like South Korea seeing significant USDT usage in commercial transactions.

The network’s competitive advantage lies in its efficiency, with average transaction fees decreasing from $0.061 in June to $0.035 in October 2024.

Recent Technical Updates in The Open Network (TON)

The TON development team recently rolled out two significant updates: FunC 0.4.5 and v2024.10. These updates focus on:

• Improved synchronization speed
• Enhanced garbage collection
• Reduced network traffic
• Optimized channel creation
• Bug fixes in the FunC language
• TVM functionality improvements

TON/USD Technical Analysis Shows Mixed Signals

Despite ecosystem growth, Toncoin (TON) has experienced significant price volatility. Currently trading at $4.82, TON has declined approximately 41.22% from its June 2024 all-time high of $8.24. Technical indicators present a bearish short-term outlook, with 22 indicators pointing downward compared to 6 showing bullish signals.

Key Technical Levels

• Current Price: $4.82
• Support Level: $4.67
• Resistance: $5.78
• 200-day SMA (projected): $6.70 by December 4
• 50-day SMA (projected): $7.78 by December 4

Toncoin’s Market Outlook

While current market sentiment leans bearish, several analysts maintain optimistic long-term projections. Technical analyst bmoonvc has identified a potential double-bottom reversal pattern, suggesting a possible surge to $20. However, this projection faces significant headwinds, including:

• Declining daily transaction counts
• Reduced network fees
• Decreasing active wallet numbers
• TVL drop to $375 million, moving TON to 20th place among blockchain networks

On-Chain Analysis

The In/Out of Money Around Price (IOMAP) data shows substantial support between $4.69 and $4.84, with approximately 2.44 million addresses holding 600 million tokens in profit within this range. This could provide strong support against further declines.