All year round, Toncoin is one of the best performing cryptos; now rumors are circulating that the asset could reach a new all-time high before September. Indeed, the asset has seen several new developments that only increase its chances of reaching a new milestone price this month.
One of the most interesting is the launch of TON companies. Founded by former Ton Foundation developers Ian Wittkopp and Inal Kardan, it shows a huge future for The Open Network. Specifically, it plans to launch a $40 million fund to help develop its crypto ecosystem.
Also read: Binance Launches Toncoin (TON) on Launchpool and Super Earn
TON Shoots Towards All-Time High as $7 Approaches
The Open Network has seen tremendous growth this year. The Telegram-linked ecosystem is thriving, and so is its native Toncoin token. While it has pulled back slightly over the past 24 hours, it is still up over 345% year-over-year at this point. The asset is currently trading at $6.44, according to MintMarketCap.
That could be the beginning of the gains. With a recent Launchpool and Super Earn listing from Binance, the token has skyrocketed. Furthermore, the market is now looking at the potential for Toncoin to reach a new all-time high, with TON potentially hitting the market before September.
The current all-time high price for TON is $8.25, set in June of this year, according to Mint Gecko. Furthermore, it has been trading impressively between $6.08 and $7.13 over the past week, showing that there is still potential for a surge towards the coveted $8 mark.
Also read: Toncoin (TON): The Telegram-Linked Crypto to Watch in 2024
Toncoin has recovered nicely from the flash crash of August 5th, which sent TON to $4.70, its lowest price since May 1st. However, it quickly turned around after that, reaching $7.20, with some drops following.
The return triggered a five-wave pattern. This shows that a bullish wave could be forming, with the August drop ending the April corrective ABC signal for the asset. However, it is still facing obstacles on the 4-hours chart. The token is on a bearish divergence that could target a drop towards $5.60.
But here’s where it gets interesting. If it can find support there, it’s likely to see a strong uptrend. Amidst all the positive news, it could be a huge rally. There are indeed expectations that it could break above $8.30 if that bullish trend actually materializes.