What Awaits Toncoin (TON), Which Experienced a Huge Drop? Experienced Analyst Reveals Expected Price Levels!

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.