Toncoin Price Faces Short-term Correction Despite Strong Telegram Support
Bitcoin's inability to show bullish sentiment has affected the altcoin sector, including Toncoin (TON), which is facing potential midterm corrections. The total market cap of altcoins, excluding Bitcoin, is approaching a selloff near $1 trillion.
Midterm Targets for TON Price
- Toncoin has been in a falling trend since reaching an all-time high of $8.8 in April.
- The price recently fell below vital support at $4.5, previously held since May 2024.
- If Bitcoin drops to $91K, Toncoin may be adversely impacted due to its correlation with BTC.
- A consistent close above $4.5 could trigger a new bullish phase for Toncoin.
Robust Fundamentals
- Developers are focused on enhancing the Toncoin ecosystem within the DeFi space tied to Telegram.
- Despite challenges, including the arrest of Telegram CEO Pavel Durov, development efforts continue.
- TVM Ventures launched a $100 million fund to support DeFi projects on the TON network.
- Implementation of new Telegram regulations for blockchain mini-apps using TON is set for February 21.
- A Migration Grant program offers up to $50k in AD Credits to help developers transition from other blockchains to TON.
- AKEDO Games has joined the TON ecosystem, attracting investment from the community.