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$GRAM, formerly Toncoin (TON), is now stabilizing after months of selling pressure amid its rebrand. While the token has recovered from recent lows, it is still far below its previous highs.
Notably, $GRAM is trading at $1.67, boasting a 7% gain over the past 24 hours, but is still down 17% over the past month. Also, $GRAM is still nearly 80% below its all-time high of $8.24 in 2024.
The recent price action follows the token’s official rebrand from Toncoin (TON) to Gram ($GRAM). The change took effect on June 15 after a community governance vote received more than 81% approval.
The rebrand was purely cosmetic. Only the token’s name, ticker, and logo changed. No token swap, new smart contract, or migration was required, and all existing balances remained intact through an automatic 1:1 conversion.
Rebrand Rally Fades
Notably, the rebranding initially stirred positive sentiment in the market. After the June 1 announcement, $GRAM climbed to $2.26. The rally was short-lived, however, as traders took profits fast. Within days, the token had fallen back toward the $1.50 area.
Selling pressure rose further in mid-June after India temporarily restricted Telegram under its Information Technology Act. The news caused another sell-off that pushed $GRAM below $1.70.
Although the regulatory action did not concern the blockchain itself, $GRAM’s association with Telegram amplified investor concerns.
Technical Levels to Watch
$GRAM is trying to establish a base above the $1.55-$1.60 support zone. The token also remains above a rising short-term trendline, as buyers continue to defend current levels. The next resistance sits between $1.84 and $2.02.
A breakout above $1.90 could pave the way for a move toward $2.00. If buying momentum continues, the next targets are $2.20 and potentially $2.30.
Meanwhile, the coin has a demand zone between $1.13 and $1.48. That area could provide stronger long-term support if the current structure breaks down.
On the downside, losing the $1.55 support level could expose $GRAM to a deeper decline toward $1.14. That makes the current price range a key battleground between buyers and sellers.
Telegram Adoption Remains the Key Catalyst
The rebrand did not introduce any fundamental changes to the network. But investors are focusing on Telegram’s role within the ecosystem.
As part of founder Pavel Durov’s “Make TON Great Again” initiative, Telegram has taken on a much larger role in network validation. Some believe Telegram’s hundreds of millions of users, wallet integrations, and mini-app ecosystem could drive blockchain adoption. So far, however, that narrative has not been reflected in on-chain activity or trading volume.
Ultimately, as long as support between $1.55 and $1.60 holds, the token could recover toward $1.90 and eventually move back above $2.00.
Related: Telegram Revives Gram Name in Proposed Toncoin Rebrand
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