Toncoin (TON) was one of the standout projects in cryptocurrencies in 2024, achieving significant price movements that propelled it into the top 10. During this period, TON had surged to as high as $8.24. Telegram had a significant impact on this rise, but things took a complete turn when Telegram’s founder Pavel Durov was detained a few weeks ago. Today, according to analysts, things could get even worse.
Toncoin (TON) and Analysts’ Comments
Previously, TON had entered the top 10 altcoins and had been maintaining its position for a while. However, the price drop of TON became more severe, especially after Telegram’s founder Pavel Durov was detained in France. Before the news, TON was challenging the $7 level, but everything changed suddenly afterward.
This decline in TON did not go unnoticed by analysts. First, looking at a post by one of the market‘s well-known analysts, Ali Martinez, on X, it is seen that a head and shoulders pattern has formed, which brings the fear that the decline could deepen further.
According to the analyst, if TON cannot reclaim the support level at $4.70, a scenario where it drops to $2.60 due to a 45% price correction could occur, a price last seen in March 2024.
On the other hand, another market figure, WiseAnalyze, also shared his views on TON, emphasizing the liquidity pool below the $4.60 level. According to the analyst, if the price cannot hold at this level, the region between $3.8 and $4 could be reconsidered for new entries.
What is the Current Price of TON?
TON, which has increased by 147% over the last year, does not show promising performance in the last 7 days and 24 hours. The 7-day price movement of TON indicates a decline of over 16%, while in the last 24 hours, it has dropped by 8%.
After the decline, the price of TON fell to $4.60, remaining in the region mentioned by both analysts. It would not be incorrect to say that the general structure of the market also influences this price movement. In addition, the market cap remains at $11.6 billion, while the trading volume stands at $371 million after a 33.5% increase.
