Two closely followed crypto strategists are predicting a rebound for layer-1 protocol Toncoin (TON) after last week’s sudden correction.
Pseudonymous analyst Altcoin Sherpa tells his 220,700 followers on social media platform X that TON could rise more than 23% from its current value.
“I bought TON last night in cash, I’m going to hold it and see how it goes. $5.50 was the entry, I’m going to be patient. I think this average is coming back a bit and these are decent entries from a technical analysis (TA) perspective. Target is around $6.30.”
Another pseudonymous analyst, The Crypto Dog, tells his 813,200 followers on social media platform X that he believes TON could soon bounce sharply back to the $6 range.
“The TON is probably pumping really hard.”
The analyst had previously expressed optimism about TON, as well as other altcoin projects including decentralized finance (DeFi) protocol Aave (AAVE), DeFi protocol Curve Finance (CRV), and decentralized data storage protocol Arweave (AR).
“I think we are at the beginning of a selective alt season, focused on alts with significant BTC pair strength. E.g. AAVE, CRV, probably TON again, potentially AR.”
Toncoin was originally designed by the encrypted messaging platform Telegram.
Telegram split from the project due to regulatory issues, and it was taken over by the TON Foundation, an international group of independent developers.
However, Telegram’s 700 million users can still send TON within the platform without entering long wallet addresses.
The price of Toncoin plummeted following the news of the arrest of Telegram founder Pavel Durov on August 24 in France. TON reached a high of $6.84 on August 24 and dropped to $5.31 the next day, a drop of more than 22%.
Toncoin is trading at $5.27 at the time of writing, down more than 7% in the past 24 hours.
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