crypto.news
Toncoin price has stabilized near $2 after Pavel Durov’s Gram rebrand plan revived trader interest and helped the token defend a key support zone.
According to data from crypto.news, Toncoin ($TON) price traded around $2.03 at press time on Tuesday after pulling back from a nearly 19% rally on June 1 that briefly pushed the token above $2.20.
Toncoin price surged after Telegram founder Pavel Durov proposed rebranding the token back to Gram, its original name in the blockchain’s 2018 whitepaper, and announced plans for a community vote on changing the $TON ticker to GRAM, reigniting activity across spot and derivatives markets.
Toncoin’s trading volume climbed sharply during the rally as traders positioned for tighter integration between Telegram and The Open Network. According to Durov, the rebrand is part of a seven-step roadmap intended to strengthen the relationship between Telegram’s ecosystem and the layer-1 blockchain.
“$TON’s native currency is becoming Gram,” Durov wrote on Telegram, adding that the network would eventually vote on changing the $TON ticker to GRAM.
Market enthusiasm for the token has emerged despite a difficult backdrop for digital assets. Bitcoin slipped below the $70,000 level after renewed concerns surrounding Mt. Gox-linked wallet transfers and continued outflows from U.S. spot Bitcoin ETFs. Rising geopolitical tensions in the Middle East also reduced risk appetite across crypto markets, limiting follow-through buying in many altcoins.
Meanwhile, on-chain activity has remained relatively stable. Total Value Locked across the $TON ecosystem has held near $76 million, suggesting capital has largely stayed within the network despite recent price volatility.
Meanwhile, Telegram’s role as one of the blockchain’s largest validators continues to reduce the circulating supply available for immediate sale, providing an additional source of support during market pullbacks.
Double bottom breakout keeps $3 target in focus
The daily chart for Toncoin price shows it is establishing a double-bottom formation after finding support twice near the $1.75-$1.80 zone during the second half of May. The pattern’s neckline sat near $1.92 and has already been reclaimed, placing buyers back in control of the short-term trend.
$TON price now trades above the 20-day moving average at $1.93 and comfortably above the 50-day moving average near $1.77. The 100-day and 200-day moving averages remain clustered around $1.53, reinforcing a major long-term support area beneath current prices.
Fibonacci retracement levels drawn from the May high near $2.91 to the local low around $1.31 place immediate resistance at $2.11, followed by $2.30 and $2.53. A successful break above those levels would leave the previous swing high near $2.90 as the next major upside target.
The Aroon Up indicator has risen above 92 while Aroon Down remains near 36, a configuration that typically appears when an emerging uptrend gains strength.
Loss of $1.80 support would weaken the bullish setup
Derivatives traders continue to lean bullish following the rebrand announcement. Open interest and futures volume expanded sharply during the rally, while funding rates remained positive across major exchanges. Such positioning suggests leveraged traders are still betting on additional upside rather than preparing for a deeper correction.
Despite the bullish rebranding news, downside risks remain. If $TON fails to hold the $1.90–$2.00 support region, attention could shift back to the double-bottom lows near $1.75.
A break below that level would invalidate the current bullish structure and expose the token to a deeper decline toward the 100-day and 200-day moving averages near $1.53.
For now, buyers still retain the advantage. As long as the proposed Gram transition continues to attract interest and the $1.80 support floor remains intact, $TON retains a path toward the $2.80-$3.00 resistance zone over the coming weeks.