Sat, July 13

Toncoin (TON) Price Consolidates Eyeing for a Breakout

Toncoin (TON) Price Consolidates Eyeing for a Breakout Editors News
  • At the time of writing, TON is trading at $7.23, down 0.61% in the last 24 hours.
  • If the price falls below $6.92 level, then it will likely test $6.46 support level.

A potential layer-2 scaling solution to integrate with the expanding ecosystem is being considered by the Open Network (TON). The TON Applications Chain (TAC) will develop the L2 solution as an engine driven by zk, as announced on X.

TON is widely recognized as a leading network in terms of technical advancement. The protocol’s proposed layer-2 engine aims to achieve the same result. The L2 solution will be designed by TON using the Polygon Chain Development Kit (CDK).

The highlighted layer-2 protocol will link to the AggLayer, allowing for uniform liquidity and smooth interoperability throughout the whole TON blockchain ecosystem.

Moreover, a fresh startup accelerator program dubbed “Triangle” has been introduced by the TON Foundation in partnership with Sign and 1inch. The goal of this endeavor is to strengthen the crypto ecosystem on TON and Telegram. Notcoin, a popular game played on Telegram, is one of the big names in the blockchain industry that Triangle unites.

In order to encourage the usage of Web3, the initiative plans to take advantage of Telegram’s large user base and TON’s rising popularity. Despite the recent developments, the TON price has not seen positive strides.

Consolidation Phase

At the time of writing, Toncoin (TON) is trading at $7.23, down 0.61% in the last 24 hours as per data from CMC. The price has fallen below its 20-day exponential moving average (EMA) due to the ongoing broader market slump. The price has been consolidating lately, eyeing to breakout in either direction.

If the price manages to go past $7.43 level, then the price will climb further to test $7.70 resistance level. However, if the price falls below $6.92 level, then it will likely test $6.46 critical support level. 

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.