#TONRally

TON shoots up more than 20%! Pavel Durov released: Can it push the price back to $8?

TradingKey - Driven by positive news, the price of TON surged by 22%. Can the rally continue?

On March 15, Telegram founder Pavel Durov was released, igniting the Toncoin (TON) community and leading to a more than 22% increase in TON to a peak of $3.64.

TON price chart, Source: TradingView.

Last Friday, the TON Foundation stated: "The TON Foundation celebrates the return of Pavel Durov's passport. We are pleased to know that the French authorities have returned Pavel Durov's passport, allowing him to leave the country freely."

On August 24, 2024, French police arrested Durov in Paris. After four days of detention, he was released on bail on August 28 with the condition of paying a bail of 5 million euros, reporting to the police twice a week, and not leaving the country.

After this incident, the price of TON continued to fall, dropping from a peak of around $6.9 to $2.3, a cumulative drop of 67%. Now, with Durov fully released, TON has recovered, but it faces resistance near the $4 level. It is unlikely to return to its all-time high of $8.2 set in June last year, unless it develops another project like DOGS or NOT that can rekindle market enthusiasm.