Toncoin
Took a sharp dive in the last 24 hours and dropped more than 7% from $ 3,319 to a low just under $ 3-marked after so excitement about a rumored Telegram partnership with Elon Musk’s Xai Reversed Course.
The play is the continuation of someone who started shortly after Telegram CEO Pavel Durov suggested a collaboration with Xai, Elon Musk’s artificial intelligence company.
Speculation pushed tons price up to a $ 3.65 high, but a quick denial from Musk sent the tumbling after X CEO of X said the deal has not yet been signed. Ton is now down by 17% ago.
Markets appear to be pricing in the collapse of what could have been an important integration involving telegram’s 700 million users soon after, almost turning all the winnings tons so.
Despite the setback, Durov quickly replied that the agreement is in principle agreed “and that” formalities are pending. “Ton is the native token for the open network that is strongly associated with Durov’s Messaging app.
Ton’s basic elements remain in motion. Telegram is still moving on with ton-based payments in the app, giving users a way to send crypto-like messages.
This exposure, while long-term, positions tonnes as one of the few projects with potential access to a larger mainstream user base.
Price levels between $ 3.00 and $ 3.22 are now key to watching. A collapse or breakout from this interval could signal the next move, especially as data on the chain shows a significant wallet concentration around $ 3.24, with nearly 740 million tokens being held across 1.21 million addresses, according to crypto analyst Ali Martinez.
Telegram has this week raised $ 1.7 billion via convertible bonds. The company plans to spend $ 955 million to buy back existing bonds and fuel its growth with the remaining $ 745 million.
Technical analysis distribution
- Ton then a sharp sale, with volume rolling to over 10.6 million in a single hour, almost tripled its average volume.
- Buyers entered the $ 3.00 mark and helped the token climb back to $ 3,086 and formed a V-shaped recovery.
- A short resistance formed to $ 3.22, while Bullish Momentum pushed the token over $ 3.08 under an intense wave
- Ton Perpetual Futures Open Interest rose 33% to $ 190 million and reached its highest point since February, indicating that dealers support further volatility.
