Toncoin ($TON), the native cryptocurrency of The Open Network (TON) blockchain, is drawing renewed attention from traders and analysts as it consolidates within a symmetrical triangle pattern—a classic technical setup that often precedes major price movements. A recent chart shared by crypto analyst @ali_charts on X at 10:54 UTC highlights the tightening price action around the $5.40 level, suggesting that $TON may be poised for a breakout with as much as 40% upside potential.
Symmetrical Triangle Indicates Potential Price Explosion
A symmetrical triangle forms when an asset’s price action narrows between two converging trendlines, reflecting a temporary equilibrium between buyers and sellers. According to Investopedia, the breakout from such a pattern—either upward or downward—typically signals the beginning of a new directional trend. In Toncoin’s case, the formation is skewing bullish. The current trading range hovers around $5.40, with the lower boundary supported by previous price floors between $5.40 and $5.50, as cited in a 2024 OneSafe Blog analysis. Key resistance lies at $5.70—a level $TON must decisively breach to validate the bullish continuation.
Fundamental Catalysts Support Bullish Sentiment
Bolstering the technical outlook is improving sentiment around Telegram, the social messaging app closely linked with TON’s ecosystem. On May 18, 2025, Brave New Coin reported that Telegram had undertaken a cleanup of its platform, dismantling illicit marketplaces such as Xinbi and Huione Guarantee. These enforcement actions are viewed as positive steps toward fostering a more secure and regulatory-compliant environment, which in turn enhances confidence in TON’s long-term utility and adoption prospects.
Rumors and Volatility: The Elon Musk Factor
Despite the bullish setup, not all recent headlines have worked in TON’s favor. On May 30, Fortune Crypto reported that Elon Musk had denied a widely circulated rumor regarding a potential $300 million partnership between his AI company, xAI, and Telegram. The rumor had temporarily sparked speculation about deeper integration between the two platforms, which could have been a major boost for TON. Musk’s refutation cooled some of that excitement and may contribute to short-term volatility given the token’s intrinsic ties to Telegram’s ecosystem.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
