Toncoin (TON) continues to freefall despite the market attempting to rebound. According to CoinGeckoTON fell 17%, fueled by the overwhelming bearish sentiment plaguing the market. The move came despite on-chain changes that suggested more investor outreach in the long term.

Positive on-chain events will tend to have a positive impact on token performance. However, the overall gloominess precedes them. Traders and investors may need to brace themselves for more suffering in the near future.

Binance Adds Toncoin On Earn Program, Novel Ventures Drive Investor Interest

Toncoin X Official Account revealed that TON has been added to the Binance Plain Earn program, a straightforward yet versatile way for users of the platform to stake their cryptocurrencies to earn passive income. At the time of going to press, TON’s addition to the program provides a 5.9% annual percentage rate (APR) as a promotion for users who stake their tokens on Tuesday, September 3, through September 23.

This straightforward addition to the Binance staking platform is great news for TON as it will boost investor interest in the token. The optimism is growing newly launched TON:Acc Incubator and TON:Acc Portal are powered by TON Ventures from Toncoin.

The program will support five startups building on the platform, offering the selected ones 3 months of growth, funding and expertise. According to the official announcement blog postThis first group of startups will receive up to $2.5 million to “accelerate their growth.”

“TON-based projects have 950 million audiences ready and waiting to interact with their product. TON:Acc will help projects find a clear path to market by providing them with the funding, expertise and support they need to become the next billion-dollar TON project,” said Sophia Rusconi, director of Ton Accelerator, in a blog post.

The program aims to leverage Telegram, a secure messaging service, as a distribution platform, as the platform has seen users’ interest in tap-to-earn apps on Telegram.

“We strongly believe that this is just the first stage of the TON ecosystem and are extremely excited to lead the next evolution of TON-based mini-apps that bring practical utility to Telegram’s Web3 ecosystem,” said Ian W, Managing Partner of Ton Ventures.

Rejection of decline at key support level

At the time of writing, TON’s downward trajectory has been rejected by the $4.50 support level, which has given TON bulls some room to reverse some of the token’s downward momentum. However, its growing correlation with BTC could be a double-edged sword for the token.

The token’s Relative Strength Index (RSI) reveals that TON is completely overwhelmed by bears. If this bearish sentiment continues, the on-chain development will not reverse the token’s rapid decline. Investors and traders should continue to monitor the broader market movements before making a major decision.

Featured image from Pexels, chart from TradingView