Toncoin (TON) is experiencing stronger momentum than many in the community anticipated, particularly as it navigates the turbulent landscape surrounding Telegram. Recently, Pavel Durov, the founder of Telegram, was detained by French authorities, which added to the uncertainty in the market.
Despite facing challenges, Toncoin has shown resilience. The TON asset initially fell over 15% during the week, going from a high of $6.86 to a low of $5.09. However, it has been on a recovery path, and as of the latest update, TON is trading at $5.56, reflecting a 4.30% increase in value over the past 24 hours.
This recovery suggests that crypto investors and traders still see potential in Toncoin despite the surrounding controversies.
How High Can Toncoin Surge In September 2024
The surge in price wasn’t the only notable event; the asset’s on-chain metrics experienced a significant uptick as well. The arrest of CEO Durov unexpectedly captured the attention of investors, leading to an influx of new users eager to engage with the Toncoin network.
According to the data from IntoTheBlock reveals that prior to Durov’s arrest, the Toncoin network boasted 43.08 million active funded addresses. Remarkably, this figure has since increased by one million, reaching a total of 44.02 million.
This increase indicates that in the three days following Durov’s arrest, nearly one million new TON wallets were funded, reflecting heightened interest and activity within the Toncoin network.
As per our expert’s technical analysis and market trends, the Toncoin could reach a maximum price of $10.53 by September 2024. On the other hand, if there is any negative news surrounding the Toncoin network, the price of the TON Coin can fall to $5.07.
Moreover, despite the significant growth of the asset in recent times, a staggering 72% of TON’s holders are currently facing losses. This is concerning, especially considering that only 16% of investors are seeing profits at the current asset price.
Market analysts suggest that if the asset continues to rise over the coming month, it could lead to an increased percentage of TON’s owners becoming profitable, potentially shifting the sentiment in the market and encouraging more investment.
Also Read: Exciting Price Predictions for PEPE and BONK in September 2024!
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
