Toncoin price pivots around TON Foundation’s $25 million emerging project accelerator program

Toncoin (TON) price appears to have pivoted around the latest network news about the TON Foundation announcing a new $25 million accelerator program for startups.

As the organization behind The Open Network (TON) blockchain, the TON Foundation has christened the initiative TON Accelerator Program. It offers funding, mentorship, and other resources to help emerging projects develop atop the TON ecosystem.

TON Foundation unveils new startup program with up to $250k offer for every startup

TON Foundation’s community-created blockchain network employs technology developed by Telegram, with Toncoin (TON) as its native crypto.

Based on the report, the TON Accelerator Project is open to different projects and will see select teams get funding of between $50,000 and $250,000. This is part of TON’s commitment to double down on decentralized finance (DeFi) projects. Notably, the funding will come from the TONcoin Fund, a $250 million ecosystem fund launched to support developers and founders looking to build on TON.

TON community to offer startup mentorship

Furthermore, top partners and investors within the TON community will also provide mentorship to the emerging projects, including GotBit Markets, Web3Port, and Tonstarter- a hedge fund and AI-powered market maker, a Web-3-oriented innovation platform, and the leading fundraising platform, respectively. Other crucial parts of the program are Boom Labs and Cypher Capital Group- a South Korea-based incubator and UAE-based multi-strategy crypto investment firm, respectively.

Citing Justin Hyun in his expression of delight during the accelerator program debut, the head of Incubation and Growth at TON Foundation said:

This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollouts strategy, and our ecosystem will work to attract new developers and successful repeat founders based across various key global locations.

Projects to feature in the initial selection of the Ton Accelerator Program

Among the projects that will merit the grant list include the ones involved in the Hack-a-TONx DoraHacks hackathon. This online hackathon was active for a meager two months and involved the leading hacker organization, DoraHacks.

Based on details provided by the TON Foundation, every minimum viable product (MVP)-ready project can apply for funding, with projects demonstrating a proof–of–concept or prototype alongside the need for initial technical support asked to apply for early-stage grants.

Toncoin price could stage a recovery rally amid this pivot

Toncoin (TON) price is attempting to stage a recovery rally after finding support around $1.77. If buyer momentum overpowers bearish effort, TON price could resume its uptrend. Notice that this support level is key for the altcoin, having come into action several times before, including May 12-13, but the breakout was premature, and bulls needed more gusto.

Notwithstanding, a strong enough buying pressure could see the Toncoin price shatter the $2.00 hurdle, paving the way for further upside.

Notwithstanding, selling pressure could threaten TON’s bullish outlook. More specifically, the seller congestion levels due to the 200-, 50-, and 100-day Exponential Moving Averages (EMA) would challenge any attempts by the altcoin to rally further.

Considering the Relative Strength Index (RSI) at 31 is closing in on the oversold region, Toncoin price could be nearing a reversal.

TON/USDT 1-Day Chart

If bears prevail, Toncoin price could fall below the $1.77 support level for a free fall to unprecedented levels. The Awesome Oscillators (AO) in the negative zone support this bearish outlook and are far below the midline to show the extent of seller momentum on the TON market.