Toncoin experienced a sharp decline after Telegram and Toncoin (TON) founder Pavel Durov was arrested by French authorities in recent weeks.
However, after Durov’s release, TON’s price gradually recovered and regained its place in the top 10.
The cryptocurrency market has shown signs of a slight recovery in the last 24 hours, with Toncoin outperforming major cryptocurrencies with an increase of up to 9%, while Bitcoin (BTC) and other major altcoins such as Ethereum (ETH) and Solana (SOL) have been trading sideways in the same time frame.
Analysts commenting on TON's move said they see further upside potential in the price.
Speaking to The Block, Bitget Research Chief Analyst Ryan Lee made the following assessment of Toncoin (TON):
“Toncoin’s performance in September could outpace the broader market, largely due to macroeconomic factors.
“If market sentiment improves, Toncoin could retest the $6.50 to $7.00 levels. However, if the overall environment remains unchanged, the price is likely to fluctuate between $5.00 and $6.00.”
While Telegram is separate from Toncoin, Telegram holds a significant position in TON and contributes more than 40% of its 2023 revenue through services that include Toncoin.
Toncoin continues to trade at $5.16 at the time of writing.
*This is not investment advice.
