TON Price Targets

$TON – TEXTBOOK DISTRIBUTION RANGE PRICE ACTION DISPLAYED HERE ?Swing high -> Swing low -> Range formed -> Swing high swept -> Distribution -> Market structure break

Telegram-backed Toncoin (TON) has become a top-tier layer one (L1) blockchain in the last year amid the increasing adoption of smart contracts and digital assets. However, The Open Network (TON) blockchain has faced challenges due to its exponential adoption, leading to recent outages similar to those experienced by the Solana (SOL) network.

Besides the recent legal troubles encountered by Telegram founder and CEO Pavel Durov, TON price has faced strong bearish sentiments.

The large-cap altcoin, which has a fully diluted valuation of about $26.4 billion and an average daily trading volume of around $302 million, had dropped more than 24% in the last two weeks to trade at about $5.01 on Tuesday during the early New York session.

Toncoin Development Continues Uninterrupted

The Toncoin ecosystem has grown to over $351 million in total value locked and over $619 million in stablecoins market cap in the last year. In an effort to support sustainable development, TON Accelerator has announced the launch of the TON: Acc program to incubate startups looking to build on The Open Network.

The TON:Acc will choose five projects over the next three months to get up to $2.5 million to further develop their tap-to-earn Telegram mini apps on the Toncoin chain.

"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," said Sophia Rusconi, Head of TON Accelerator.

Midterm TON Price TargetsThe large-cap altcoin, which has a fully diluted valuation of about $26.4 billion and a daily average traded volume of around $302 million, had dropped more than 24% in the past two weeks to trade about $5.01 on Tuesday, during the early New York session.

$TON – TEXTBOOK DISTRIBUTION RANGE PRICE ACTION DISPLAYED HERE ?

Swing high -> Swing low -> Range formed -> Swing high swept -> Distribution -> Market structure break -> Selloff towards swing low.

Study this, it will literally save your ass from buying the top in the future. pic.twitter.com/BY9lji4ebo

After reaching its all-time high (ATH) around $8.25 in mid-June, TON's price has entered a macro correction phase. From a technical perspective, the TON price is in a distribution phase, which could see the altcoin continue to dump towards $4.5 in the coming weeks.

In the weekly time frame, the TON price against the US dollar has been forming a possible head and shoulder (H&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.