Telegram’s native cryptocurrency, TON, is drawing fresh attention from traders as open interest in its futures contracts spikes dramatically. This surge in market activity reflects growing optimism that the token is gearing up for a meaningful rally, fueled in part by Telegram’s latest strategic moves to reposition itself in the competitive crypto and payment landscape.
Recently, traders have overwhelmingly shifted toward long positions on TON, with over 75% of open interest now favoring bullish bets. This significant tilt signals a rising confidence that the token’s price could climb further—some speculators are eyeing a potential rally toward $3.70 in the near term.
Data from Glassnode and Coinalyze reveal a sharp uptick in futures open interest, highlighting a renewed appetite for TON exposure. However, while this increase in long positions hints at positive sentiment, it’s important to remain cautious. TON’s past price history has been marked by volatility and sudden sell-offs, often triggered by counter-traders looking to liquidate overly optimistic positions.
Despite this, TON has recently gained momentum, appreciating over 11% in the last 24 hours to trade around $3.30. The token had been relatively stagnant for some time, but the announcement of Telegram’s partnership with AI company Grok AI provided a much-needed catalyst, reinvigorating investor interest. This partnership seems to have injected fresh energy into TON’s ecosystem, which had struggled to sustain enthusiasm despite being integrated directly into Telegram’s chat app and native wallet features.
TON’s current price levels align with those seen in the second quarter of 2024, indicating that the token may be poised to break out from its previous trading ranges. Following a strong price jump midweek, TON has consolidated near its highs, and traders appear optimistic about continued gains.
Trading volumes for TON have also surged, reaching a three-month peak above $1.3 billion. Notably, the token’s trading activity tends to behave independently from the broader crypto market. It has shown resilience in past downturns, sometimes even rallying when many altcoins were under pressure. Currently, TON’s liquidity is split largely between exchanges like MEXC and Binance, suggesting a robust market presence that could support a breakout—or, alternatively, leave it vulnerable to a sharp retracement if sentiment shifts.
Telegram’s ongoing developments have rekindled hopes of a substantial price surge, with some market watchers speculating about the possibility of TON surpassing the $10 mark—though such a move would require significant sustained interest and broader market support.
Underpinning TON’s potential is Telegram’s renewed focus on expanding its utility beyond messaging. The platform has experienced a cooling in Web3 enthusiasm, which previously drove much of TON’s speculative interest. In response, Telegram is pivoting toward becoming a mainstream payment platform, especially targeting the lucrative U.S. market.
Recent regulatory efforts, such as banning Chinese escrow-related channels linked to money laundering and stablecoin fraud, demonstrate Telegram’s commitment to legitimacy and compliance. At the same time, the company is emphasizing social and NFT features to maintain user engagement.
A key move in this strategy is the recruitment of Nicolas Plecas, a veteran from VISA’s crypto division, who will lead Telegram’s global payment strategy. His expertise is expected to accelerate Telegram’s push into the payments space, forging partnerships and ensuring compliance in diverse markets.
With over 1 billion users globally, Telegram’s platform presents a unique opportunity for TON to increase its adoption as a payment and transaction medium. The ecosystem currently holds around $921 million in native stablecoins and is integrated with fintech services supporting USDT payments.
As traders pile into long positions and Telegram ramps up its payment ambitions, TON could be gearing up for a comeback—one that extends beyond speculative hype to actual use cases within a social messaging giant aiming to redefine digital payments. However, as always in crypto, cautious optimism is warranted amid a market known for its swings.
