$TON is sliding within a descending channel. The latest pop into the confluence of falling trendlines near 3.18–3.22 was sold fast, and price rolled back under the mid-channel, maintaining a run of lower highs.
While that red supply holds, the path favors continuation toward the green demand at 3.03–3.06, with the channel base just below. Invalidation is a sustained reclaim above the diagonal cluster. Perp funding sits near baseline, implying limited squeeze fuel.
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