The cryptocurrency market continues its lacklustre performance. Bitcoin (BTC) has dipped below $57,000, falling 1.1% in the last 24 hours. The global crypto market cap has also slid 1.6$ to $2.08 trillion in the same time frame. While the market continues its slump, Toncoin (TON) seems to defy the current trend, picking up steam after its price tanked in August.
TON is up by 1.6% in the daily charts, more than 10% over the previous week, and 210.4% since September 2023. Despite the recent rally, the asset continues to glow red in the 14-day and monthly charts, falling 0.8% and 13%, respectively.
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TON Predicted To Hit New All-Time High
Current Performance And Historical Context
Toncoin (TON) is currently down by 35.7% from its all-time high of $8.25. The asset peaked in June of this year following the integration of TON on the Telegram messaging application.
CoinCodex Analysis
According to the analysts at CoinCodex, TON may hit a new all-time of $8.48 on Sept. 22, 2024. The platform anticipates the asset to continue rallying, hitting a high of $18.78 on Oct. 8, 2024. Reaching $18.78 from current levels would translate to a rally of about 254.34%.
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Changelly’s Outlook
Changelly, on the other hand, presents a more bearish outlook on Toncoin (TON) despite anticipating a rally. The platform predicts TON will trade at a maximum price of $8.21 in September, a 54.9% rise from current levels. Changelly does not expect TON to surpass this level in October, predicting the asset will trade at a maximum price of $8.10.
Impact Of Telegram CEO’s Statement
TON’s resurgence could be due to Telegram CEO Pavel Durov breaking his silence earlier this month for the first time after his arrest in August.
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He said, “Using laws from the pre-smartphone era to charge a CEO with crimes committed by third parties on the platform he manages is a misguided approach.“