No compression cylinder #2
 

Car has 216k miles on it. has been burning alot of oil past 6 months (about 3 quarts/tank of gas) and has been sluggish on acceleration . felt like it was misfiring or something. late the other night i was driving down the highway and i had to floor it to keep a constant 70mph speed. i got off the highway and popped the hood. while the car was running, i pulled the spark plug wires one at a time and realized the issue was with cylinder number two. got it home and investigated further. decided to do a compression test and all cylinders were at 180 except cyl 2 which was at 60psi. i checked it again and it was at only 30psi. came to the conclusion my problem is either a blown piston ring, hole in piston, or cracked/broken valve. can anyone help shed some light on this? or maybe point me in the right direction on how to further diagnose the issue? thanks in advance!!

Squirt oil into the cylinder & check the compression if it comes up most likely rings. If you had a hole in the piston you would be pumping a bunch of blue smoke out the tail pipe & using most likely more than 3 quarts per tank.
After you the oil & check compression Spray a bunch of penetrating oil in the cylinder put the plug back in & fire it up. You could have a stuck ring. It got to be worth a try. If what I suggest doesn't help your tearing it apart anyway or installing another engine.