Throughout the year, Toncoin has been one of the best-performing cryptos; now, there are rumblings that the asset could be set to reach a new all-time high before September. Indeed, the asset has seen several new developments only enhance its chances to reach a new landmark price this month.
One of the most interesting is the launch of TON Ventures. Founded by former Ton Foundation developers Ian Wittkopp and Inal Kardan, it shows a huge future for The Open Network. Specifically, it is set to launch a $40 million fund to help develop its crypto ecosystem.
Also Read: Binance Launches Toncoin (TON) on Launchpool and Super Earn
TON Hurling Toward All-Time High as $7 Nears
The Open Network has been surging this year. The Telegram-linked ecosystem has been thriving, and so to has its native Toncoin token. Although it has reversed slightly in the last 24 hours, it is still up more than 345% at this point last year. Currently, the asset is trading hands at $6.44, according to CoinMarketCap.
That could be the beginning of its gains. With a recent Launchpool and Super Earn listing from Binance, the token has surged. Moreover, the market is now looking at potential for Toncoin to reach a new all-time high, with TON possibly reaching the market before September.
The current all-time high for TON is $8.25, set in June of this year, according to CoinGecko. Moreover, in the last week it has traded between $6.08 and $7.13 impressively. That shows that there is still potential for an increase to the coveted $8 mark once again.
Also Read: Toncoin (TON): The Telegram-Linked Crypto to Watch in 2024
Toncoin has recovered nicely from the August 5th flash crash. That sent TON to $4.70, its lowest price since May 1st. However, it then quickly reversed and touched as high as $7.20, with some declines following suit.
The return triggered a five-wave pattern. That shows that a bullish wave could be forming, with the August plummet ending the corrective April ABC signal for the asset. However, it is still facing obstacles on the 4-hour chart. The token is on a bearish divergence that could have it targeting a fall to $5.60.
Yet, that’s where it gets interesting. If it can find support there, a strong uptrend will likely follow. Amid all the positive news, it could be a massive increase. Indeed, there are expectations that it could surge above $8.30 when that bullish trend does come to fruition.