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 Highlights

• TON formed a descending channel with consecutive lower highs and lower lows over the past 24 hours.
• Price broke below the critical $3.00 psychological support level during hours 9-12 on high volume (3.96M), indicating strong selling pressure.
• A notable volume spike (4.43M) during the final trading hour suggests potential capitulation.
• The modest bounce from the absolute low of $2.89 to close at $2.94 may indicate emerging support.
• The $2.88-$2.90 zone now represents a crucial area to monitor for potential trend reversal.
• A V-shaped reversal pattern formed in the last hour with strong momentum, breaking through the $2.90 psychological level on increasing volume.
• A significant bullish impulse occurred between 13:36-13:38, pushing price up by 3.6% to establish new local highs near $2.94.
• Despite profit-taking near the $2.95 resistance level around 13:48-13:49, TON has maintained support above $2.93.

External References

• «$15M Gone? Telegram Crypto Project’s Co-Founder Arrested For Alleged Fraud«. Bitcoinist, published May 19, 2025.

Roman Storm’s defense team wants to know if the U.S. Department of Justice is withholding any information that may help the Tornado Cash developer’s case.

In a letter filed late Friday, defense attorneys said recent disclosures in another, somewhat similar, case raised concerns that prosecutors either misled the judge overseeing the case or otherwise was playing «fast and loose.»

«The defense recently learned that the government has possessed exculpatory materials since August 2023 that go to the heart of a fundamental issue in this case: whether a noncustodial cryptocurrency mixer is a ‘money transmitting business’ for purposes of 18 U.S.C. § 1960,» the filing said. «The government’s failure to produce those materials in the fall of 2023, when Roman Storm was indicted and first appeared in court, constitutes a Brady violation that has materially prejudiced his defense,» even after the DOJ said it would drop a portion of its case against Storm.

Read more: Conduct Versus Code May Be the Defining Question in Roman Storm Prosecution

Storm’s team is referencing the DOJ’s case against two developers of Samourai Wallet, another crypto mixer. In that case, defense attorneys said earlier this month that prosecutors delayed sharing that two Financial Crimes Enforcement Network (FinCEN) officials told the DOJ that the mixer did not look like a money transmitter.

Prosecutors denied the allegations in a court filing, saying their disclosures were timely and that the FinCEN officials’ views were not formal guidance.

The DOJ said the two cases are only «superficially similar,» the defense filing said Friday.

«But what the government characterizes as a superficial similarity is, in fact, the core feature that lies at the heart of the conflicting interpretations of FinCEN guidance and the scope of Section 1960:

the noncustodial nature of both protocols,» the filing said. «That users exercised sole control over their assets was a basis for Mr. Storm’s motion to dismiss and to compel discovery of FinCEN materials.»

The defense is asking Judge Katherine Polk Failla, who’s overseeing the case, to order the DOJ to review any materials it may have that could help Storm’s case and share the documents referenced in the Samourai case, as well as when Storm’s prosecutors learned about those materials.

The Bitcoin network hashrate rose 2% in the first two weeks of May to an average of 885 exahashes per second (EH/s), Wall Street bank JPMorgan (JPM) said in a research report Friday.

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.

Miner profitability improved in May, as the price of bitcoin BTC rose, and gross margins expanded, the bank said.

The hashprice, a measure of daily mining profitability, rose 13% from April, which the bank said was «encouraging.»

«We estimate miners earned ~$50,100 in daily block reward revenue per EH/s over the first two weeks of the month, up 13% from last month and 3% y/y,» analysts Reginald Smith and Charles Pearce wrote.

U.S.-listed miners maintained their share of the network hashrate, and currently account for about 30.5% of the network, a 1.1% increase from April, the bank said.

The total market cap of the 13 U.S.-listed bitcoin mining stocks that the bank tracks rose 24%, or $4.6 billion, this month.

Bitdeer (BTDR) outperformed with a 43% gain, while Greenidge (GREE) underperformed the sector with a 5% decline, the report said.

Read more: Bitcoin Miners With HPC Exposure Underperformed BTC for Third Straight Month: JPMorgan