GRAM slips toward $1.29 despite major Telegram wallet catalyst
GRAM has approached one of its most important support levels near $1.29 despite the launch of the native Gram Wallet. The catalyst has so far been unable to fully offset pressure from the broader crypto market.
The main development in recent days has been the launch of Gram Wallet inside Telegram. The non-custodial wallet is currently available to a limited group of users, but Telegram plans to gradually expand access to its audience of more than 1 billion users over the coming weeks.
TON Strategy Company also announced support for Config -123 and Config 30 updates. Config -123 introduces an on-chain smart-contract architecture for Gram Wallet, allowing wallet logic to be upgraded through validator voting without requiring each user to migrate individually. Config 30, meanwhile, is designed to increase TON’s throughput by up to 30%. Together, the updates are designed to simplify future wallet upgrades and help TON handle more transactions as Gram Wallet reaches a wider audience.
GRAM faces another test of $1.29 support
On the daily chart, GRAM is trading near crucial support at $1.29. The price is approaching this level for the fourth time, and repeated tests are gradually weakening the support and increasing the probability of a breakdown.
Given the negative risk sentiment across the broader crypto market, the base case is a break and sustained move below $1.29, followed by a decline toward the next support around $1.20.
This scenario would be invalidated by a recovery and sustained move above the 50-day SMA near $1.40. In that case, buyers could regain control, with the 200-day SMA around $1.52 becoming the next medium-term target.
Broader crypto sentiment outweighs the wallet catalyst
The launch of Gram Wallet is one of the most significant fundamental developments for the TON ecosystem in recent months, as it could potentially give GRAM direct access to Telegram’s enormous user base. However, the initial positive price reaction quickly ran into deteriorating global risk sentiment.
In the near term, GRAM’s performance is therefore being driven more by the direction of the broader crypto market than by individual positive developments within the ecosystem.
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