- Key support levels sit between $3.50 and $4.00, offering the potential for a rebound if they hold.
- Toncoin surged 20% on March 17 after Pavel Durov was allowed to return to Dubai.
- OKX Ventures invested $5 million in December 2024 to help develop native TON apps.
Toncoin (TON), the native cryptocurrency of The Open Network, experienced significant volatility over the past year. Its price has fallen about 55% from the June 2024 peak near $8.24.
At the time of writing, Toncoin trades around $3.50.
Source: CoinMarketCap
Despite the drop, investor interest remains strong, particularly among large venture capital firms that collectively hold more than $400 million in TON. That institutional backing signals long-term confidence in the network even as legal disputes and controversial airdrops cloud near-term sentiment.
TON trading volume rises
Although TON has pulled back from its highs, current technical indicators suggest traders are watching for a potential breakout. Toncoin is testing key support in the $3.50–$4.00 range, a zone many analysts view as critical to the token’s near-term trajectory.
Trading volume has increased roughly 18%, indicating renewed activity even as momentum remains uneven. Price charts show the development of an inverse head-and-shoulders pattern, which is often associated with bullish reversals.
If TON can hold above the $4.00–$4.50 area, which corresponds to the neckline of that pattern, it could clear the way for a recovery toward $5.00–$5.50. The Relative Strength Index (RSI) currently sits near 58.37, just below overbought levels.
Conversely, a decline below $3.00 would likely intensify the downtrend and negate bullish signals. Since launch, Toncoin has appreciated over 800%, but recent price action shows growing sensitivity to market dynamics and external events.
Legal disputes and airdrop controversies
Toncoin’s recent moves cannot be explained by technicals alone. External events have strongly influenced investor sentiment. In the latter half of 2024, legal disputes involving Pavel Durov, Telegram’s founder and a central figure tied to TON, put pressure on the market.
When Durov was permitted to return to Dubai on March 17, 2025, TON’s price jumped roughly 20%, underscoring how closely token sentiment tracks developments around key individuals. Meanwhile, airdrops such as Hamster Kombat and NotPixel—both built on TON’s infrastructure—faced criticism, raising concerns in the community about transparency and fairness in reward distribution.
Despite controversies, The Open Network remained among the stronger-performing layer-1 blockchains last year, continuing to attract user activity and developer attention.
VCs hold $400 million
Investor confidence in Toncoin’s long-term prospects has been bolstered by growing institutional support. In December 2024, OKX Ventures announced a $5 million commitment to TON Ventures, a fund aimed at supporting Telegram-native applications on the blockchain.
The fund focuses on attracting experienced developers and building tools that encourage wider adoption of the TON ecosystem. Notable venture firms with sizable TON holdings include Sequoia, Ribbit, Benchmark, and SkyBridge. Combined VC exposure to Toncoin now exceeds $400 million.
That level of institutional presence suggests many investors still expect network growth despite short-term headwinds, particularly as decentralized TON-based applications gain traction and move closer to mainstream usage.
Launch and development since 2021
Toncoin’s origins trace back to 2018, when creators associated with Telegram conceived the project. After navigating regulatory hurdles, the network’s mainnet launched in May 2021.
Since then, TON has evolved into a decentralized layer-1 blockchain hosting a variety of applications, from games and decentralized exchanges to mini-apps integrated directly into the Telegram interface. The close integration with Telegram has helped TON stand out in a crowded blockchain landscape, but it also exposes the network to fallout from events involving Telegram leadership—as seen in the market reactions tied to the Durov case.
Despite ongoing volatility, the TON ecosystem continues to expand, with rising user counts and growing developer activity. The key challenge ahead is maintaining technical momentum while navigating an increasingly complex regulatory environment.