Toncoin (TON) surged over 13% in 24 hours, peaking at $3.394 on May 29. Volume rose to 452.77K on OKX, confirming heavy interest. The TON/USDT pair broke above the 50-period EMA at $3.127 on the 4-hour chart, signaling a strong technical shift.
Telegram’s $1.5B Bond Sale Triggers Buying Frenzy
On May 28, Satoshi Club posted on X that Telegram aims to raise $1.5 billion through a new bond offering. According to the update, major financial players like BlackRock, Citadel, and Mubadala are likely to participate. Even though Telegram officially handed Toncoin’s development to the community, the close ties between the two still impact TON’s market performance.
The Wall Street Journal confirmed the bond plan. The new bonds will have a five-year maturity and yield 9%, and Telegram will use the funds to refinance its 2021 bond. BlackRock and Mubadala are already bondholders and are expected to reinvest in this round.
Technical Breakout Confirms Bullish Shift in Toncoin
Meanwhile, chart data shared by CryptoBull_360 on X revealed a bullish breakout from a descending triangle pattern. The breakout occurred around the $3.10 level, breaking the trendline resistance that had held since mid-May.
Support at the $2.95–$3.00 zone remained strong during previous dips. The price closed above the breakout level with increased volume, confirming strong buyer interest. TON now trades nearly 10% higher, supported by this technical pattern. The 50 EMA level of 1.45% is also acting as support.
Telegram’s xAI Partnership Fuels Toncoin’s Outperformance Over Ethereum
On May 29, Toncoin gained a major boost after Telegram announced a $300 million partnership with xAI, the artificial intelligence startup founded by Elon Musk. The deal includes both cash and equity payments and grants Telegram integration rights to xAI’s AI assistant Grok.
Telegram CEO Pavel Durov confirmed the one-year agreement on X, stating that Grok will be distributed to Telegram’s user base through in-app integration. As part of the deal, Telegram will also receive 50% of subscription revenue from xAI services sold via its platform.
The news triggered a sharp reaction in the market, helping Toncoin break out of a descending triangle pattern. The token had previously traded in a narrow range, capped by a falling trendline. The breakout followed directly after Durov’s announcement, confirming the close tie between Telegram’s strategic moves and TON’s market trajectory.
This partnership news added to Toncoin’s momentum, further widening the gap between TON and Ethereum in daily performance.
TON Leaves Ethereum Behind in Daily Gains
Toncoin (TON) clearly outpaced Ethereum (ETH) in daily price action on May 29. While Ethereum maintained a steady long-term gain of 47.29%, the 4-hour chart shows TON surging over 9.70% in a single move, breaking out with strong momentum and volume.
The chart reveals a sharp vertical spike in TON price, followed by a brief consolidation between $3.30 and $3.38. This move came with a heavy volume burst, as shown by the green bars near the base of the breakout. Trading volume reached 392.77K on OKX, signaling intense market participation and renewed interest in TON.
By contrast, Ethereum’s performance curve on the same chart remains smooth, without any major intraday surges. The pink line tracking ETH’s relative percentage change shows no comparable breakout. Instead, it trends gradually upward, reflecting broader market strength rather than event-driven momentum.
TON’s price also crossed above its 50-period EMA, marked in blue, and now sits comfortably above the indicator’s 1.45% level. This bullish cross reinforces the breakout, confirming that the price structure has shifted. In contrast, Ethereum did not show any major technical breakout during this timeframe.
The divergence highlights that Toncoin’s rally was triggered by direct catalysts, not just general market strength. The surge followed Telegram’s $1.5 billion bond announcement, which brought institutional names like BlackRock and Citadel into focus. This news, combined with a bullish technical breakout, pushed TON into a faster uptrend compared to ETH.
As the market reacted to Telegram’s financing move, TON became the spotlight asset of the day—leaving Ethereum behind in short-term performance.
Toncoin Forms Bullish Pennant, Eyes 16% Rally
On May 29, 2025, the 30-minute Toncoin (TON/USDT) chart on OKX formed a bullish pennant pattern. This technical formation appears after a strong upward move, followed by a short consolidation between two converging trendlines. It often signals a continuation of the prior uptrend.
The chart shows a sharp price increase early on May 28, followed by tightening price action inside a triangle. This consolidation phase shaped the pennant. The 50-period Exponential Moving Average (EMA), shown in blue and currently at $3.312, supports the pattern from below.
As of the latest candle, the price of Toncoin sits at $3.363, already up nearly 2% from the breakout level. This early move suggests traders are starting to act on the breakout signal.
If the bullish pennant confirms with sustained volume, the expected breakout target would project a further 16% rally from the current level. That would push the price up to around $3.90, as marked on the chart by the blue resistance line.
Volume is gradually picking up, and the Relative Strength Index (RSI) is at 55.24, slightly above neutral, indicating room for more upward movement without being overbought. If momentum continues and price holds above both the EMA and the pennant’s upper boundary, further gains appear likely.
The structure, combined with the prior surge and steady RSI, supports a potential bullish continuation. Traders will watch closely for confirmation with a strong green candle and rising volume.
