Toncoin (TON) Open Interest Skyrockets as Traders Pile Into Longs After Telegram-Grok AI Deal

Telegram’s native cryptocurrency Toncoin (TON) experienced a significant shift in market sentiment, with open interest surging as over 75% of positions turned long. This bullish momentum comes following the announcement of Telegram’s strategic partnership with Grok AI, reigniting investor confidence in the asset.

TON’s price jumped 11% to $3.30, reaching Q2 2024 levels after months of consolidation. Futures data from Coinalyze and Glassnode shows aggressive long positioning, with traders eyeing a potential breakout toward $3.70.

Analysts highlight the irony: despite being Telegram’s exclusive crypto asset, TON had struggled for momentum until this AI collaboration. Wednesday’s vertical price movement suggests a potential trend reversal, though historical liquidation events caution against excessive optimism.