HIGHLIGHTS
- GRAM broke above the descending channel that had capped its price since the May peak.
- The token now trades just below $1.67, a level that stopped every rally in June and July.
- Open interest in GRAM futures is at its highest since contracts relaunched under the new ticker.
- Coinbase Prime began offering institutional staking for the token on September 22.
Gram (GRAM), the native token of The Open Network that traded as Toncoin until mid-June, changed hands near $1.60 on Sunday. A 16.8% weekly gain lifted its market value to about $4.5 billion, according to CoinMarketCap. The move pushed GRAM out of a descending channel that had held its price since early May and brought it within reach of $1.67, the level that turned back every rally in June and July. Derivatives traders are adding exposure into the test. According to CoinGlass, open interest reached $192.37 million early on September 27, the highest reading since exchanges relaunched contracts under the new ticker.
Coinbase Prime lets funds earn yield on GRAM without leaving custody
Coinbase Institutional said on September 22 that TON staking is live on Coinbase Prime, its brokerage for hedge funds and asset managers. The post still described the asset as $TON “also known as $GRAM”, three months after the rename.
TON staking is now available on Coinbase Prime.
Institutions can access secure, institutional-grade staking for $TON (also known as $GRAM) on the custody, trading, and reporting platform they already trust. pic.twitter.com/Krnk75AwhO
— Coinbase Institutional 🛡️ (@CoinbaseInsto) September 22, 2026
Prime already held the token in custody, but until now it could not pay yield on it. Clients can now delegate to validators without moving tokens out of Coinbase’s qualified custodian, and rewards land in their staking wallets after fees. According to Prime’s help center, the platform bills 10% of earned rewards each month for assets staked with its public validators. Many funds have internal rules that bar them from sending tokens to outside staking pools. For those funds, a position that earned nothing can now produce income.
TON Strategy Company (Nasdaq: TONX), the largest known corporate holder, had about 229.9 million tokens staked at the end of June, roughly 35% of all GRAM staked on the network. Coinbase gives smaller funds the same access without building that infrastructure themselves.
The rename itself changed nothing on-chain. A governance vote that closed June 8 approved it with 81.22% support, and balances and staking positions carried over automatically on June 15. Traders sold the event anyway. GRAM slid from the upper $1.80s to near $1.30 by August.
Saturday’s candle broke a channel that had capped GRAM since May
After peaking at $2.919 in early May, GRAM spent four months making lower highs and lower lows between two falling lines. Every rebound stalled at the upper line. Sell-offs found buyers near $1.283, the base of the May run-up, in August and again in mid-September.
The break came in the second half of September, and one session did most of the work. Saturday’s wide green candle lifted GRAM from the mid-$1.40s to above $1.60, on one of the heaviest volume bars since late August.
GRAM now trades above its 50-day average at $1.390 and its 200-day average at $1.529. The 50-day is still below the 200-day, so the long-term trend has not formally turned. The practical change is that the 200-day line, which rejected the price in late August, now sits underneath it as the first support. Sunday’s session reached $1.648 and then slipped back toward $1.60, which shows sellers are already active a few cents below resistance.
Summer buyers stuck between $1.67 and $1.80 are the sellers to beat
Measured from the $1.283 base to the May high, the first Fibonacci retracement falls at $1.670. The level matters because of what happened around it over the summer. From late June to mid-July, GRAM traded between about $1.60 and $1.80, and every push above $1.67 reversed within days, including a run to roughly $1.84.
Anyone who bought in that band and held through the drop to $1.30 is now close to breakeven, and many of them will sell as soon as they can exit without a loss. Getting through takes enough demand to absorb that selling. Above the band, $1.908 is the next retracement level and also where the 50-day average peaked in late June.
The 14-day RSI reads 68.77, just below 70. That reading means gains over the past two weeks have far outweighed losses. The last time the indicator approached this zone was late August, with GRAM near $1.56, and the price was back at the channel floor within two weeks.
Open interest added $76 million in ten days, most of it this weekend
CoinGlass data for GRAM starts on June 16, so the early climb mostly reflects contracts moving to the new ticker, and says little about new demand. The useful baseline is July, when open interest sat between $90 million and $100 million.
August shows why the current move is different. Open interest rose by about $38 million while the price moved sideways between $1.30 and $1.50, and the drop in early September cleared out part of that leverage. This time, price and open interest are rising together.
Rising open interest alongside price means new positions are being opened, and in a move this steep, leveraged longs usually account for a large share of them. They helped carry GRAM through the channel. If $1.67 rejects, forced liquidations of those longs would add sell orders just as support is being tested. Funding rates, which show whether longs are paying shorts to keep positions open, spiked to roughly 0.077% during Saturday’s rally, the highest reading since at least early August. By Sunday morning, CoinGlass showed the OI-weighted funding rate back at 0.0178%. That is still above the neutral 0.01% baseline, but the rush to pay up for long exposure has cooled while price holds near $1.60.
Staked supply and a daily close above $1.67 are the next tests
A daily close above $1.67 would put GRAM back inside the summer range, with $1.80 and $1.908 as the next reference points. A rejection would shift focus to $1.529. Losing the 50-day average at $1.390 would erase most of September’s gains.
Institutional uptake of the Coinbase product will show up in staked supply figures on TON explorers over the coming weeks. One technical limit could slow it. Prime’s stake and unstake APIs currently cover only Ethereum and Solana, so TON staking runs through the manual interface. Funds that run treasury operations programmatically need that API coverage, and Coinbase says more assets will be added over time.