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 the social media platform X that TON could rally more than 23% from its current value.
“Bought TON last night in spot, going to hold it and see how it plays out. $5.50 was the entry, going to be patient. I think this mean reverts a bit and these are decent entries from a TA (technical analysis) standpoint. Target is around $6.30.”
Another pseudonymous analyst, The Crypto Dog, tells his 813,200 followers on the social media platform X that he believes TON could soon abruptly bounce into the $6 range.
“TON probably pumps back extremely hard.”
The analyst previously expressed bullishness on TON, along with other altcoin projects, including the decentralized finance (DeFi) protocol Aave (AAVE), DeFi protocol Curve Finance (CRV) and the decentralized data storage protocol Arweave (AR).
“Think we’re in early stage of a selective altseason, focused on alts with significant BTC pair strength. For example, AAVE, CRV, probably TON still, potentially AR.”
Toncoin was originally designed by the encrypted messaging platform Telegram.
Telegram parted ways from the project amid regulatory concerns, and it was taken over by the TON Foundation, an international group of independent developers.
However, TON can still be sent by Telegram’s 700 million users within the platform without entering long wallet addresses.
Toncoin’s price plummeted amid news that Telegram founder Pavel Durov was arrested on August 24th in France. TON reached a high of $6.84 on August 24th and plummeted to $5.31 by the next day, a decline of more than 22%.
Toncoin is trading for $5.27 at time of writing, down over 7% in the last 24 hours.
Generated Image: Midjourney