Toncoin (TON) Aims for All-Time High as Price Inches Closer to $8

Toncoin’s (TON) price is aiming for a new all-time high after reaching its recent all-time high of $7.87.

The likely outcome for the Telegram coin in the future will be reclaiming the all-time high before breaching $8.00 and securing it as a support floor.

Toncoin Finds Massive Support

The recent surge in Telegram Bot tokens and Telegram coins has resulted in significant gains in Toncoin’s price. Recently, Telegram-affiliated assets witnessed their collective market capitalization crossing the $1 billion mark, making them more than just a fad at this point.  

Furthermore, The Chaikin Money Flow shows that the altcoin has been considerably bullish since the beginning of the month. CMF’s presence above the zero line is a sign that buying pressure is dominating the market. 

Toncoin CMF. Source: TradingView

As investors opt to add more TON to their holdings, the price will also continue to rise.

Secondly, despite the broader market witnessing corrections and a failed rally, along with Bitcoin falling below $70,000 this week, TON investors are holding on to their optimism. This is visible in the asset’s weighted sentiment. 

The Weighted sentiment reflects the overall mood of the market by considering both the volume and the sentiment of individual opinions. It provides a more accurate gauge of market sentiment by assigning different weights to different opinions based on their significance.

In the case of TON, this sentiment is not only positive but also at a two-month high.

Read More: What Are Telegram Bot Coins?

Toncoin Weghted Sentiment. Source: Santiment

This supports the narrative of further gains beyond the all-time high established by Toncoin today.

TON Price Prediction: What Next?

Toncoin’s price will likely continue rising on the daily chart. If it recovers the all-time high of $7.87, the altcoin will likely rise above $8.00. If the latter is secured as a support floor, it would not be surprising to see TON observe further growth.

Read More: Which Are the Best Altcoins To Invest in June 2024?

Toncoin Price Analysis. Source: TradingView

However, if investors move to book profits on the recent rise, Toncoin’s price will likely fall back down. Following the decline, $7.07 is the likely support level TON will test.

However, if this support is lost, the Telegram coin will end up falling to the next support floor of $6.50. Any further drawdown will invalidate the bullish thesis completely.