Toncoin (TON) price spiked over 24% on May 28, responding to rumors involving BlackRock and Telegram’s bond plans. The move came amid a broader slowdown across the crypto market, where Bitcoin hovered near $107,000 with little momentum and Ethereum continued to lag below $2,700.
Per a Wall Street Journal report, the TON price spike followed reports of Telegram’s $1.5 billion bond issuance, backed by institutional players including BlackRock, Citadel, and Mubadala. The deal aims to refinance earlier debt, including conversion options, stoking IPO rumors and reinforcing bullish sentiment around the Telegram ecosystem.
Market participants linked the rally to optimism around Telegram’s financial strength and growing integration with Toncoin. Social media posts amplified the hype, triggering fresh inflows. TON, which had underperformed in recent weeks, saw a notable uptick in trading volume as investors rotated back into ecosystem tokens tied to major platforms.
Still, the rally came against a backdrop of unresolved legal challenges facing Telegram’s leadership, and investors remain divided over the move’s sustainability.
Bond Deal Could Signal Institutional Shift, But Legal Overhang Remains
Telegram’s $1.5 billion bond sale has drawn sharp institutional focus, reinforcing confidence in its balance sheet and, by extension, its blockchain ambitions. Priced at a 9% yield, the offering refinances a 2021 note due in March 2026 and includes conversion rights should Telegram pursue an IPO.
Participation reportedly includes BlackRock, Citadel, and Mubadala. BlackRock’s role as an existing bondholder adds credibility, though deeper involvement remains speculative and unverified. Toncoin benefited from the news simply because of its association with Telegram.
The sale follows a $400 million cash buyback and enables Telegram to repurchase another $1.1 billion in legacy debt, tightening its capital structure while signaling durability in the face of regulatory scrutiny. Yet legal constraints around CEO Pavel Durov—currently barred from leaving France amid a criminal probe into Telegram’s moderation practices—raise questions about execution risk.
Durov has denied all allegations, but the investigation casts a shadow over public listing prospects and strategic decision-making timelines. Telegram’s turnaround is notable. After posting a $173 million loss in 2023, it generated $540 million in profits last year on $1.4 billion in revenue, with 2025 projections topping $700 million.
The TON Foundation appointing former Visa executive Nikola Plecas as VP of Payments could add depth to its real-world utility play. Still, the institutional interest driven by Telegram’s financials might not be able to override the regulatory headwinds.
TON Symmetrical Triangle Nearing Breakout
Toncoin price is consolidating within a symmetrical triangle pattern, a continuation structure characterized by converging trendlines formed by a series of lower highs and higher lows. The structure reflects a balance of forces between buyers and sellers, typically resolving with a breakout that aligns with the prior trend. In TON’s case, however, the direction remains unclear as the asset trades near the apex without confirmation.
The projected price targets for bullish and bearish breakouts have been plotted using the standard method of measuring the triangle’s height at its widest point and applying that distance vertically from the breakout level.
These projections suggest a significant move in either direction once price escapes the triangle’s boundaries. In case of a bullish breakout, TON price could rally nearly 63% to reach a theoretical target near $5.54. Conversely, a breakout favoring the bears would see TON price dropping over 43% to the support near $1.92.
The immediate resistance for TON price sits near $3.553 on the resistance front, followed by a higher barrier at $3.875. Before targeting these levels, bulls would need to break out of the technical setup. A bullish breakout might attract more buyers to the market, looking to rotate recent profits or invest in ecosystem tokens.
On the downside, TON price support rests near $3.1 and $2.814. A sustained close below the triangle’s lower trendline would breach the immediate support, which could open the path toward the projected bearish target.
RSI has bounced back toward the neutral 60 level, showing early momentum, but no divergence is visible yet. Until a breakout materializes, the pattern remains unresolved, with both bullish and bearish scenarios in play. Traders should monitor volume and candle structure closely near the triangle edges.
