Toncoin (TON) has faced a 20% drop to $5.45 following Telegram CEO Pavel Durov's arrest on August 24. Despite this, analyst Ryan Lee from Bitget Research believes TON may outperform the market in September.
Lee notes that TON's decline mirrors Bitcoin's recent struggles and has outperformed Ethereum. Despite negative press, TON has shown resilience and could rally if no further negative developments occur.
TON's price targets are set between $6.5 and $7, though it may fluctuate within the $5 to $6 range if current market conditions persist. The Ichimoku Cloud indicator suggests a short-term decline, with the RSI indicating selling pressure.
If the market trend shifts towards accumulation, TON's price could rise to $5.57 or even $6, aligning with Lee's predictions.
