Telegram-Associated Toncoin (TON) Plunges 8% as Critical $3.00 Support Crumbles

Global economic tensions and shifting trade policies continue to create volatility across cryptocurrency markets, with TON experiencing significant downward pressure.The token's recent price action has formed a descending channel with consecutive lower highs and lows, breaking below key support levels on high trading volume. Meanwhile, competing blockchain projects are gaining attention as investors seek alternatives amid market uncertainty, with some analysts projecting potential recovery for TON if it can establish support at current levels.Technical Analysis HighlightsTON formed a descending channel with consecutive lower highs and lower lows over the past 24 hours source: https://www.coindesk.com/markets/2025/05/19/telegram-associated-toncoin-ton-plunges-8-as-critical-usd3-00-support-crumbles