PONS crypto hits new ATH – Can $640K in buybacks sustain the rally?

On the 30th of August, the Pons [PONS] token was up over 89% and reached $0.3006, establishing a new all-time high (ATH). This new high came to light after the token sliced smoothly through the major support level of $0.090–$0.110.

As a result, this move fueled more upside momentum for the token, hence the token surging rapidly from around $0.070 to $0.300624.

Notably, the decisive move came after the token had established a new all-time high at $0.142 on the 26th of August. Furthermore, volume expanded alongside the breakout. This indicated a broadening of participation, which is essential when entering into new areas of price discovery.

The next potential trading range lies between $0.20 and $0.26, just below the current all-time high. A daily close above $0.30624 would invalidate the pullback. More importantly, sustaining prices above 0.20 will determine the bulls’ conviction to sustain the rally.

Revenue growth adds fuel to PONS’ demand

As PONS rallied higher, protocol revenue fed directly into token buybacks. Against that backdrop, on the 27th of August, its revenue spiked from $175,000 to $331,000. This move implied improving market activity for the governance token.

Moreover, another $293,000 followed on the 28th of August, while the 29th of August had already produced $237,100. V2 supplied $219,700 of that latest amount, making it the main revenue engine.