Musk’s Statement Sparks Sell-Off Despite Telegram’s Confirmation
Toncoin (TON) plunged over 7% in 24 hours, falling from $3.319 to under $3.00, after Elon Musk publicly denied a confirmed partnership between xAI and Telegram. The news triggered a sharp reaction across the market, wiping out recent gains that followed speculation of a major integration.
TON is now down 17% from its recent peak of $3.65, as investors price in uncertainty surrounding the collaboration.**
Despite Musk’s statement, Telegram CEO Pavel Durov clarified that the deal was “agreed in principle” and only pending formalities — keeping hopes alive for future cooperation between Telegram’s 700 million users and xAI.
Market Reaction and Technical Outlook
The sell-off was immediate. Trading volume surged to 10.6 million TON in a single hour, nearly three times its average, as panic selling set in.
Buyers stepped in at the $3.00 support zone, initiating a modest V-shaped recovery to $3.086, but resistance formed quickly at $3.22.
Key technical levels to watch:
- Support Zone: $3.00–$3.08
- Resistance Level: $3.22
- Critical Supply Cluster: At $3.24, where 740 million TON are held across 1.21 million addresses
A breakout above $3.22 could signal bullish continuation, while a breakdown below $3.00 could open the door for deeper correction.**
Telegram’s TON Strategy Remains Intact
Despite the volatility, TON’s long-term fundamentals remain intact. Telegram is actively integrating TON-based crypto payments, allowing users to send crypto like regular messages through its app — a feature positioning TON uniquely for mass adoption.
Telegram also raised $1.7 billion via convertible bonds, earmarking $955 million for bond buybacks and using the remaining $745 million to fuel platform growth — further supporting its TON-related infrastructure.
This continued development suggests that TON remains one of the few crypto projects with a direct path to mainstream exposure.
Conclusion
TON’s price now hinges on two factors: the clarification and finalization of the xAI partnership and its ability to hold above the $3.00 support zone. While the market is reacting to short-term uncertainty, Telegram’s commitment to TON signals deeper value ahead, especially as adoption of in-app payments grows.