Toncoin (TON) price has stabilized near $2.03 after Telegram founder Pavel Durov proposed rebranding the token back to Gram, its original name from the blockchain's 2018 whitepaper. According to reports from crypto.news, Durov announced plans for a community vote on changing the TON ticker to GRAM, reigniting activity across spot and derivatives markets. The rebrand is part of a seven-step roadmap intended to strengthen the relationship between Telegram's ecosystem and the layer-1 blockchain, with Durov stating that "TON's native currency is becoming Gram."
TON's explosive rally in early May has largely given way to consolidation, with the token now trading between the $1.69 support zone and $2.28 resistance region. As reported by AMBCrypto, the current pullback from the $2.40 supply region suggests sellers remain active, though they have yet to reclaim full control. The token's decline never developed into a full structural breakdown, with sellers repeatedly stalling near the $1.69-$1.80 demand zone and allowing buyers to establish a series of higher lows into late May. If buyers convert the $2.20-$2.40 support region into resistance, TON could reopen a path toward the $2.91 high.
The daily chart for Toncoin shows a double-bottom formation after finding support twice near the $1.75-$1.80 zone during the second half of May. As reported by crypto.news, the pattern's neckline sat near $1.92 and has already been reclaimed, placing buyers back in control of the short-term trend. TON now trades above the 20-day moving average at $1.93 and comfortably above the 50-day moving average near $1.77. Fibonacci retracement levels from the May high near $2.91 to the local low around $1.31 place immediate resistance at $2.11, followed by $2.30 and $2.53.
According to crypto.news, Toncoin's trading volume climbed sharply during the rally as traders positioned for tighter integration between Telegram and The Open Network. Despite the bullish rebranding news, downside risks remain if TON fails to hold the $1.90-$2.00 support region. The token has pulled back from a nearly 19% rally on June 1 that briefly pushed the token above $2.20. On-chain activity has remained relatively stable with Total Value Locked across the TON ecosystem holding near $76 million, suggesting capital has largely stayed within the network despite recent price volatility.
If buyers eventually reclaim $2.28, TON could advance toward the $2.50-$2.60 region where prior distribution activity occurred during the May correction. As reported by AMBCrypto, a successful reclaim there would place the $2.91 high back within reach and strengthen the case for a broader trend continuation. The repeated recovery attempts suggest buying pressure continues rebuilding beneath the surface, with sellers failing to force the price back toward the critical $1.69 support area. However, another rejection would likely extend consolidation as traders await a stronger catalyst to drive the next directional move.
