STON.fi raised $9.5 million in a Series A funding round. Decentralized exchange and automated market maker on the Toncoin blockchain (TON), STON.fi, raised $9.5 million in a Series A funding round. Ribbit Capital and CoinFund, two of the investment funds, spearheaded this funding round, helping the STON.fi Devs close the investment. The proceeds from this round of investment will go to enhance the capital efficiency of concentrated liquidity pools, develop native limit order functionality, enhance cross-chain capabilities through the Omniston protocol, and implement a community governance layer.
Slavik Baranov, CEO of STON.fi Dev stated, “This investment affirms STON.fi’s role as the foundational DeFi layer on TON and validates our relentless focus on building products that matter.”
TON 4-hour chart is bearish, may look for support at $3.3
Toncoin is trading inside a rising wedge on the 4-hour chart. The rising wedge is a bearish reversal pattern, where although the price reaches higher, the bullish momentum weakens and eventually fades away. As the bears get a better hold on the market, TON will eventually break down and fall towards the support level at $3.3.
TON’s fall on the 4-hour chart is a healthy correction on the daily chart
However, the daily chart gives a different perspective. On the daily chart, Toncoin is forming a Wyckoff pattern, and it is in the final stages of the pattern (Phase D). The Wyckoff pattern is an ideology that is built on the basis that markets move in cycles of accumulation and distribution orchestrated by large players. And the cycle has been broken down into events and phases for better understanding. TON is currently in phase D, where the price usually tests the resistance level at $3.8.
The dip towards $3.3 on the 4-hour chart is a healthy correction. Corrections are common in bull markets, as they help prevent overheating and provide buyers with better entry points.
After a quick dip, TON will be back on its feet, marching towards $3.8 resistance level, and the price will keep reaching higher altitudes. When phase E begins, there will be another rally, and TON could reach as high as $5.
