The correct way to treat a sprained toe is to use rest, ice, compression, and elevation to reduce pain and swelling, according to WebMD. Another method to help the toe heal faster is to "buddy-tape" it to the toe next to it.
To buddy-tape the toe, put felt or foam in between the two toes to protect the skin, then tape the toes together. The injured toe may need to be buddy-taped for 2 to 4 weeks to fully heal. Do not buddy-tape if you have diabetes or peripheral arterial disease. If your injured toe hurts more after buddy-taping, remove the tape.