The arrest of France’s Telegram co-founder had caused a significant drop in TON Coin price. This is not surprising because TON Coin, which is now more intertwined with Telegram, is highly sensitive to developments related to the platform. Following Pavel Durov’s release, the TON Coin price began to recover. Let’s take a look at analysts’ current price predictions.
TON Coin Price
In the last 24 hours, the TON Coin price has increased by nearly 7%, having previously dropped due to the arrest of Telegram’s co-founder. This fluctuation occurred due to concerns that Telegram might be banned in the European Union or face other sanctions negatively affecting the platform. The success of the TON Coin ecosystem is closely related to Telegram’s over 900 million monthly active users.
DOGS, NOT, and other altcoins in the TON Coin ecosystem quickly reached millions of users. Under normal circumstances, reaching these numbers in such a short time on alternative networks is almost impossible. The mini app model within Telegram forms the basis of this rapid growth.
Telegram co-founder Durov was released on bail pending trial. This means the case is not yet concluded, and price fluctuations triggered by developments in the case are possible in the short term. Therefore, investors must be prepared for both scenarios.
The price, which had fallen to the $4.5 level, is now above $5.15, and this level is an important support area for reversing the decline.
Analysts’ Comments on TON Coin
Bitget Research Chief Analyst Ryan Lee, in his latest assessment, believes that the TON Coin price could positively diverge with the improvement in market sentiment. Due to excessive selling caused by the case and macroeconomic developments, the recovery targets for the altcoin are between $6.5 and $7. Lee expects the TON Coin price to consolidate between $5 and $6 in a negative environment.
Presto Research analyst Min Jung also wrote:
“Specifically, more than 40% of Telegram’s 2023 revenue came from an integrated wallet and collection sales, both of which included Toncoin. The company accepts TON Coin as payment for various services, including the sale of collections such as usernames and virtual phone numbers. Telegram has also integrated a wallet feature that allows users to manage their crypto assets.”
Crypto analyst Tony wrote that he would buy once $5.1 turns into support. His current assessment targets $4.41 in a bearish scenario, with a peak target again above $7.
