Toncoin’s (TON) value has been on a downtrend since the arrest of Telegram CEO Pavel Durov on August 24. Currently trading at $5.45, the token’s price has dropped by 20%.
In an exclusive interview with BeinCrypto, Ryan Lee, Chief Analyst at Bitget Research, noted that TON’s price drop since Durov’s arrest does not represent a “severe crash”. According to Lee, the double-digit decline mirrors the performance of Bitcoin (BTC), which has recently struggled to surpass the $60,000 mark.
Lee also pointed out that despite the recent struggle, TON has outperformed Ethereum (ETH). As of press time, ETH is trading at $2,523, reflecting a 24% drop over the past month amid its ongoing downtrend.
Regarding the token’s price targets, Lee stated it may retest the $6.5 or $7 price levels. However, TON may face consolidation and “fluctuate within the $5 to $6 range” if the “overall market
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