In the midst of the positive momentum, the price of TON surged 13.54% intraday.
A big community incentive program, The Open League was recently announced.
With a price surge from $3.32 to $5 in only one week, Toncoin demonstrated a sustained rebound, bucking the prevailing market slump. In addition to extending the recovery, this 40% rise broke above the previous swing resistance level of $4.58, giving buyers another reason to hold on.
Last weekend, after retracing 50% to $3.3, Toncoin (TON), the native cryptocurrency of The Open Network ecosystem, resumed its recovery trajectory. The price of TON recovered from its latest dip and surpassed the $5 mark, whereas other major cryptocurrencies had a significant pullback this week.
Recent Developments
A big community incentive program called The Open League has been recently announced, and this news has caused a bullish spike. Starting in April, this effort aims to reward competitive projects and users within the TON ecosystem with 30 million Toncoin, valued at about $115 million.
In the midst of the positive momentum, the price of TON surged 13.54% intraday, breaking over the $4.85 barrier level. On the other hand, the High Court of Spain has issued an injunction temporarily suspending Telegram services. Following complaints from Spanish media businesses about users being able to submit media material without authorization on Telegram, this measure was made.
According to Reuters (March 23), after objections from media businesses over content distribution, the Spain High Court temporarily banned the messaging software Telegram throughout the nation. The price of TON fell around 5%, but quickly regained momentum and is now trading at $4.90, up 13.54% in the last 24 hours as per data from CoinMarketCap.