TON Shows Resilience Amidst Network Outage
The TON network suffered a significant outage with no new blocks generated for nearly 3 hours. As per Tonscan data, the latest block was created at 06:11:46 UTC+8. Following that, deposits and withdrawals on major changes like Bybit and Binance were suspended citing network instability. This abrupt development came just days after the founder Pavel Durov was arrested and indicted in France.
Toncoins price has been on a rollercoaster ride in recent weeks, plummeting by over 22% after the arrest news. Durov, a 39-year-old Russian-born billionaire, and a prominent figure in the tech industry, was taken into custody at Le Bourget airport outside Paris. While the circumstances surrounding his arrest remain unclear, the incident has sparked concerns about the future of Telegram and its associated projects, leading to a sell-off in Toncoin.
However, amidst the uncertainty, there is a growing sentiment among investors that now presents a strategic opportunity to re-accumulate TON.
From a technical point of view, the token appears to be forming a strong support base between the 200-day Exponential Moving Average [EMA] and the 365-day EMA. Given the current price action, there is a possibility of a buying opportunity arising in the future. At present, the value of the token is hovering near the lower end of this range, which could indicate a potential rebound.
TON CTOs Arrest and Release Expectations
While Durovs arrest has undoubtedly created some turbulence, a few believe that he was likely aware of the arrest warrant and may have taken precautions. Many believe that his release is imminent, which could potentially lift the pressure on TONs price.
Investors who are considering accumulating TON are advised to do so within the current price range of $5.7 to $4.7. This strategic approach aims to capitalize on a potential rebound driven by both technical factors and the anticipated resolution of the Durov situation.
The target for TONs price appreciation is set at 3x to 5x from the current levels. This ambitious outlook is based on the belief that the token has the potential to significantly outperform the broader cryptocurrency market in the long run, driven by its strong fundamentals and innovative technology.
Read more: https://www.tronweekly.com/ton-resilience-network-outage/
Text source: TronWeekly
