TLDR:
- TON Foundation appointed Manuel Stotz as new president on January 14, 2025, replacing Steve Yun, with a focus on US market expansion under Trump’s administration
- TON price currently sits at critical $5.30 support level after falling from June 2024 all-time high of $8.28
- Technical analysis suggests potential 50% price decline to $2.30 if support breaks
- Stotz brings extensive blockchain investment experience as founder of Kingsway Capital Partners, which has backed over 50 industry projects
- Despite TON’s complex history with Telegram and SEC, the platform has evolved into an independent foundation with growing integration into Telegram’s ecosystem
The TON Foundation, a blockchain platform with historic ties to Telegram messenger, announced the appointment of Manuel Stotz as its new president on January 14, 2025. This leadership change comes as the organization sets its sights on expanding into the United States market under the incoming Trump administration.
Stotz, who replaces former president Steve Yun, brings substantial experience from the digital asset industry. As the founder of Kingsway Capital Partners, he has overseen investments in more than 50 blockchain projects, including notable names like Animoca Brands, Blockchain.com, and CoinDCX.
The timing of this appointment coincides with a critical period for TON’s market performance. The platform’s native cryptocurrency, Toncoin, currently trades at $5.30, a substantial decrease from its all-time high of $8.28 reached in June 2024. This price point represents a crucial support level that has held for nearly a year.
In a statement to the press, Stotz emphasized the strategic importance of the US market. “The US ranks as one of the world’s largest financial centers, and we see enormous potential for it to develop into a crypto hub that will promote and support the retail adoption of digital assets,” he said.
The journey to this point has been complex for TON. Originally conceived as the “Telegram Open Network” by Telegram co-founders Pavel and Nikolai Durov, the project raised $1.7 billion in 2018. However, regulatory challenges from the US Securities and Exchange Commission forced Telegram to step away from the project in May 2020.
Following Telegram’s exit, TON evolved into an open-source project, with independent developers and communities building their own networks based on the original code. The TON Foundation was officially established in Switzerland in 2023 as a nonprofit organization funded by community contributions.
Despite the formal separation, TON has maintained connections with Telegram. The messaging platform now features various TON and Toncoin implementations, including support for third-party crypto wallets.
Ton Coin
Technical analysis of TON’s market performance reveals concerning patterns. The price has formed a bearish head-and-shoulders pattern since April 2024, with the current $5.30 level serving as the pattern’s neckline. A break below this level could trigger a sharp decline.
Market indicators add to the bearish outlook. The Relative Strength Index has fallen below 50, while the Moving Average Convergence Divergence shows a bearish cross. These technical signals suggest potential further downside.
If the price breaks below the current support level, the next major support area lies at $2.30, representing a possible 50% decline from current levels. This projection aligns with measurements taken from the head-and-shoulders pattern.
The Foundation’s recent developments include other strategic moves beyond the US market focus. On January 14, TON published an article highlighting key milestones since 2018, including their split from Telegram, ecosystem improvements, and integration with Tether in 2024.
For the price outlook to improve, TON would need to close above its current resistance trend line. Such a move could potentially push the price back toward its all-time high and possibly to $10.56, based on Fibonacci retracement levels.
The timing of Stotz’s appointment and the US expansion strategy comes as crypto markets show mixed signals. While some cryptocurrencies enjoyed strong gains during the end of 2024, TON experienced a 36% correction, diverging from the broader market rally.
Market participants are closely watching how the leadership change and US expansion plans might affect TON’s market performance. The $5.30 price level remains a key indicator for short-term price direction.
Yun, the outgoing president, will continue to serve on the Foundation’s board, maintaining continuity in the organization’s governance structure. This transition marks a new phase in TON’s development as it seeks to establish a stronger presence in the US market.
