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Key Insights:
- TON price forms a bullish pattern near support with a target set at $3.51.
- Telegram’s Open Platform becomes TON’s first unicorn with $28.5M raise.
- TON accounts jumped 360% to 157M in just 48 hours.
Toncoin (TON) attracted market attention after its core developer secured major venture capital backing.
On July 3, The Open Platform (TOP), a Telegram-affiliated startup, raised $28.5 million in a Series A round.
The raise valued TOP at $1 billion, making it the first unicorn within the TON ecosystem.
TOP’s $1B Valuation Signals Institutional Confidence
The Open Platform has emerged as the central force behind TON’s infrastructure and app development. TOP’s $28.5 million raise was led by Ribbit Capital, with Pantera Capital acquiring a 1% equity stake.
CEO Andrew Rogozov stated, “By combining TON blockchain with Telegram’s global reach, we’re building both the infrastructure and the consumer-facing apps needed to onboard a billion users to crypto.”
The long-term growth potential is substantial with Telegram’s 1 billion active users and direct TON integration through its wallet and app ecosystem. TOP currently develops decentralized exchanges, NFT marketplaces, games, and TON’s wallet.
The funding will be used to expand into U.S. and EU markets, emphasizing regulatory licensing and infrastructure and supporting new AI and gaming applications.
The TON Foundation also disclosed that Sequoia Capital and Benchmark had invested $400 million in Toncoin earlier this year. That investment and the current round reflect institutional belief in the TON ecosystem’s potential to scale beyond messaging into mainstream crypto adoption.
TON Price Reflects Technical Breakout Setup
Toncoin is currently trading at $2.86, with a 24-hour volume increase of 36.34%, bringing its market cap to $7.08 billion. CoinMarketCap shows that the circulating supply is 2.46 billion tokens. Although the short-term price action is flat, technical indicators and patterns show a possible breakout.
An analysis of the Ton chart indicates a definite double-bottom formation near the price of $2.60. The MACD gives a bullish crossover, supporting this classic reversal signal. The RSI is not overbought and indicates that there is a potential of an upward movement.
Also, the Supertrend indicator is still in the red, although consolidation above 2.85 indicates that the bearish tendency might end. Any breakthrough above the 2.95 level would probably open the path to challenge the 3.20 resistance, possibly moving towards the next area of interest at 3.51.
ATR of 0.1261 indicates low volatility, which indicates that a significant price movement is about to occur when the momentum is restored.
TON Price Derivatives and On-Chain Data Support Bullish Sentiment
Meanwhile, on July 2, TON accounts increased to more than 157 million, compared to less than 35 million two days before. This is the highest account creation rate in the history of TON at 360%. The surge can be attributed to the planned project releases or further integration of Telegram.
Moreover, CoinGlass derivatives data indicates an open interest-weighted funding rate that has been positive since late June. This indicates that the long positions are prevailing and that the market players are ready to pay a premium to maintain bullish positions. Although there were short-term corrections, the general mood is positive.
Yet, TON price has been fairly stable despite these surges in network activity. However, this sudden surge in new addresses and account activity is usually followed by more robust price action, particularly when combined with bullish technical configurations.
Meanwhile, CoinMarketCap market data indicate intraday volatility with a small negative daily rate of -0.51%. Nevertheless, the 36% increment in the trading volume shows more activity and liquidity, which can drive future price action.
The token is still in the accumulation zones, and as long as the volume is maintained at the current levels, the upward momentum may occur.
