The recent rebound of TON is more a result of short-term market sentiment release rather than fundamental improvements in the long-term fundamentals. Although ecological integration and user base provide potential advantages, TON still needs to prove the following points to maintain long-term momentum:

1. **Reduce sensitivity to founder events**: Mitigate individual risk exposure through decentralized governance;

2. **Achieve ecological diversification**: Break free from reliance on Telegram traffic, attracting independent developers and users;

3. **Address regulatory challenges**: Expand global application scenarios within a compliant framework.

If the Total Value Locked (TVL), on-chain activity, and token price can continue to break previous highs (such as returning above $5) within the next few months, it may signify the establishment of a long-term trend; conversely, if there is a quick drop after the rebound, caution should be exercised regarding the risks of market over-speculation. In the short term, investors can pay attention to the progress of ecological projects (such as innovations in DeFi protocols) and regulatory dynamics to assess the sustainability of TON.