Two popular crypto analysts are optimistic about a potential rebound for the layer-1 protocol Toncoin (TON) following a recent correction.
Altcoin Sherpa, a pseudonymous analyst, shared with his 220,700 followers on X platform that he sees TON potentially rallying over 23% from its current price.
“Purchased TON last night at $5.50 and will be patient to see how it unfolds. I believe there is potential for a mean reversion and these entry points look good from a technical analysis perspective. Target price is around $6.30.”
Another pseudonymous analyst, The Crypto Dog, informed his 813,200 followers on X platform that he anticipates TON making a sharp bounce towards the $6 range soon.
“TON likely to experience a significant price surge.”
The Crypto Dog had previously expressed confidence in TON, as well as other altcoin projects like Aave (AAVE), Curve Finance (CRV), and Arweave (AR).
“I believe we are in the early stages of a selective altseason, focusing on altcoins with strong BTC pairs. For example, AAVE, CRV, potentially TON, and AR.”
Toncoin was initially created by Telegram, but later transitioned to the TON Foundation after regulatory concerns led to Telegram’s departure from the project.
Despite the recent price drop, TON can still be easily sent by Telegram’s massive user base within the platform without the need for lengthy wallet addresses.
After news of Telegram founder Pavel Durov’s arrest in France on August 24th, TON’s price plunged from $6.84 to $5.31 within a day, marking a decline of over 22%.
Currently, Toncoin is trading at $5.27, reflecting a decrease of more than 7% in the last 24 hours.
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Generated Image: Midjourney