TON’s open interest peaks after traders long the token
Traders suddenly shifted to long positions for Telegram’s TON. Open interest increased after the news of Telegram’s partnership with Grok AI.
Traders of TON, Telegram’s native token, switched to long positions within hours, signaling increased confidence in the token. Over 75% of all open interest on TON is for long positions, following the recent price revival for the token.
According to Glassnode’s data, TON futures open interest surged suddenly, reflecting the drive to take long positions. The trader’s behavior, however, does not guarantee a sustained rally for TON. In the past, TON has suffered increased turbulence and price drops, as counter-traders tried to liquidate the positions.
TON added over 11% in the past day, rising to $3.30. The asset, which has drifted sideways for a while, is still digesting the news of the addition of Grok AI to Telegram.
The recent news gave TON a boost, which it lacked despite being the only available crypto asset on the chat app and its native wallet. This also led to accrued long positions, with hopes for a breakout as high as $3.70.
TON has now returned to the levels of Q2, 2024 and has shown its ability to break out. TON trades near the higher range for the past month, after a vertical breakout on Wednesday. Now, traders are showing confidence the rally may continue after consolidation.
TON trading volumes also expanded to the highest level for the past three months, surpassing $1.3B. In the past, the token’s behavior was unrelated to the entire market, offering gains or stability when other assets crashed. Currently, TON splits most of its trading volumes between MEXC and Binance, offering the potential for a breakout, or another crash to a lower baseline.
The recent Telegram news also revived the expectations of a breakout above $10. TON suffers from the general neglect of altcoins, but may revive interest through added Telegram features. The TON ecosystem also carries over $921M in native stablecoins, with fintech connections for USDT payments.
Telegram’s TON attempts to regain relevance
The Telegram platform aims to increase its relevance and tap the US market, after decreased ability and lost interest in Web3 features.
Recently, Telegram banned channels belonging to Chinese escrow services, aiming to remove tools for money-laundering and stablecoin crimes.
Telegram stressed its social media features, with the added appeal of its NFT features. Additionally, the app aims to position itself as a venue for legitimate and seamless payments. Recently, Telegram expanded its payment app efforts, after hiring a new VP. Nicolas Plecas will join the team, aiming to position Telegram as a payment app.
Plecas, bringing expertise from VISA’s crypto team, will lead the platform’s global payment strategy, including compliance matters and partnerships with local services.
Telegram already accrued over 1B users, and has not stopped offering payment options through various tools in the past few years.
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TON’s open interest peaks after traders long the token
Traders suddenly shifted to long positions for Telegram’s TON. Open interest increased after the news of Telegram’s partnership with Grok AI.
Traders of TON, Telegram’s native token, switched to long positions within hours, signaling increased confidence in the token. Over 75% of all open interest on TON is for long positions, following the recent price revival for the token.
According to Glassnode’s data, TON futures open interest surged suddenly, reflecting the drive to take long positions. The trader’s behavior, however, does not guarantee a sustained rally for TON. In the past, TON has suffered increased turbulence and price drops, as counter-traders tried to liquidate the positions.
TON added over 11% in the past day, rising to $3.30. The asset, which has drifted sideways for a while, is still digesting the news of the addition of Grok AI to Telegram.
The recent news gave TON a boost, which it lacked despite being the only available crypto asset on the chat app and its native wallet. This also led to accrued long positions, with hopes for a breakout as high as $3.70.
TON has now returned to the levels of Q2, 2024 and has shown its ability to break out. TON trades near the higher range for the past month, after a vertical breakout on Wednesday. Now, traders are showing confidence the rally may continue after consolidation.
TON trading volumes also expanded to the highest level for the past three months, surpassing $1.3B. In the past, the token’s behavior was unrelated to the entire market, offering gains or stability when other assets crashed. Currently, TON splits most of its trading volumes between MEXC and Binance, offering the potential for a breakout, or another crash to a lower baseline.
The recent Telegram news also revived the expectations of a breakout above $10. TON suffers from the general neglect of altcoins, but may revive interest through added Telegram features. The TON ecosystem also carries over $921M in native stablecoins, with fintech connections for USDT payments.
Telegram’s TON attempts to regain relevance
The Telegram platform aims to increase its relevance and tap the US market, after decreased ability and lost interest in Web3 features.
Recently, Telegram banned channels belonging to Chinese escrow services, aiming to remove tools for money-laundering and stablecoin crimes.
Telegram stressed its social media features, with the added appeal of its NFT features. Additionally, the app aims to position itself as a venue for legitimate and seamless payments. Recently, Telegram expanded its payment app efforts, after hiring a new VP. Nicolas Plecas will join the team, aiming to position Telegram as a payment app.
Plecas, bringing expertise from VISA’s crypto team, will lead the platform’s global payment strategy, including compliance matters and partnerships with local services.
Telegram already accrued over 1B users, and has not stopped offering payment options through various tools in the past few years.
Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites
Read More