I think if project connects with cryptocurrency and it issues tokens and works on blockhain it depends from the market conditions of cryptocurrency market.
I agree with you. But if tokens of the project are backed up by real assets, I think the price of the tokens will be more dependant from the price of assets than the conditions of cryptocurrency market.
In 2017 the prices of all tokens growed together with the price of Bitcoin. Now the situation changed. The price of tokens depends to much from the usefulness of the project.