Two prominent cryptocurrency strategists predict that layer 1 protocol TONcoin (TON) will rebound after last week’s sudden correction.
Altcoin Sherpa, an anonymous analyst, told his 220,700 followers on social media platform X that TON could rise by more than 23% from its current value.
“I bought TON spot last night, I’ll hold on to it and see what happens. $5.50 was my entry point, I’ll be patient. I think these averages will recover a bit, these are decent entry points from a TA (technical analysis) perspective. My target is around $6.30.”
Another anonymous analyst, The Crypto Dog, told his 813,200 followers on social media platform X that he believes TON could soon bounce back to $6.
“TON will probably pump very hard.”
The analyst has previously been bullish on TON and 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 in the early stages of selective alt season. Focus on alts with significant BTC pair strength. For example, AAVE, CRV, maybe TON, potentially AR.”
Toncoin was originally designed for Telegram, an encrypted messaging platform.
Telegram left the project due to regulatory concerns and was acquired by the TON Foundation, an international group of independent developers.
However, TON can still be transferred within the Telegram platform without entering a long wallet address.
The price of TON has plummeted following the news that Telegram founder Pavel Durov was arrested in France on August 24. TON hit a high of $6.84 on August 24 before crashing to $5.31 the following day, a drop of over 22%.
At the time of writing, Toncoin is trading at $5.27, down more than 7% in the last 24 hours.
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