Toncoin Price Touches Key Support at $2, Faces Fresh Downside Risks

Toncoin (TON) has been experiencing a downtrend since May 7, with its price reaching local highs of $2.90 before pulling back to lows of $1.80 on May 16. Despite this weakness, the token's recent price action is forming an ascending triangle pattern, which suggests that TON may continue to retest the supply zone above $2 in the near term.

The chart shows higher intraday lows converging towards a horizontal resistance area, indicating that a breakout could materialize if buyers move in amid broader market gains. A successful return to upside momentum would position Toncoin to challenge resistance levels at approximately $2.14 and $2.50, where earlier price congestion and supply have been observed.

However, market risk remains, and the next moves could be closely tied to Bitcoin's trajectory. Continued weakness in the largest digital asset would likely exacerbate selling across altcoins, including TON.