Toncoin (TON) has climbed 140% in price over the past year, hitting new highs beyond the $8 mark. However, there is potential for a 30% falloff, according to some analysts. The asset has struggled in the past week, falling almost 15%. One TON forecaster says that a fall beyond the token’s current $5 support level could spark a further slump of up to 30%.
Toncoin is already down 34% from its ATH of $8.24 reached last August. Another 30+% fall could trigger even more concern with the asset just over its current support level. There is optimism that this is just a correction phase, and the asset will close out 2024 back on the rise. However, the broader crypto market is also suffering, meaning TON doesn’t have much back-up.
Is There Hope for Toncoin?
In case of a breakdown below $5, Toncoin’s price could fall to $3.76, according to price chart analysis. Amid these price threats, market analysts remain optimistic about Toncoin’s potential in the ongoing bull run. 2025 is expected to be a big year in crypto, especially in the US. With looser regulation and a pro-crypto administration taking charge, the market expects to break out of this current bearish phase.
According to price prediction platform CoinCodex, TON is expected to far surpass its $8 all-time high early in the coming year. Specifically, analysts have projected Toncoin to reach a $28 record price in January of 2025. That increase would mark a 382% surge from its current projection. However, they also predict that to be the yearly high for the asset. Indeed, they do not expect the asset to challenge the $20 mark after May of next year.
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The future TON price prediction is undetermined. While the price action and indicator readings are bearish, the wave count is bullish. Whether TON breaks out or down from its long-term support at $5 can help determine the future trend’s direction.
