Ondo Finance token climbed 2.24% in the last 24 hours, though the move feels hollow. Buyers couldn't maintain control, and the broader picture shows a 11.3% slide from last Thursday's $0.427 peak. The damage started when the team deposited structured tokens to Coinbase, signaling potential unloading ahead.
The token broke bullish from a descending triangle, but it stumbled immediately. That critical $0.413 resistance level never flipped to support, keeping the bearish thesis very much alive. On bigger timeframes, the downtrend never really ended.
Selling dominates both spots and derivatives
Taker sell orders are flooding in across spot and futures markets. The three-month cumulative volume delta on CryptoQuant makes it obvious, aggressive selling is in charge. The on-balance volume flatlined, showing almost no real buying pressure underneath. It looks like a bull trap, the kind where the triangle breakout fails to build actual bullish structure.
Perps volume has been climbing hard though. If that momentum sticks, Ondo could challenge leading decentralized exchanges like Hyperliquid and Aster. Meanwhile, the platform appointed Adam Schlisman as CFO, a CFA charter holder who came from Monashee Investment Management's macro hedge fund.
Price action suggests further losses are coming. Liquidity clusters sit at $0.43 and $0.40, but demand isn't there to push toward them. A shallow bounce to $0.40 would likely get sold. From there, selling pressure could drag prices down to $0.363, the next magnetic zone, or even deeper to $0.30 where the mid-July rally started.
The swing structure stays bearish. A move above $0.47 is what's needed to genuinely shift the setup around.
This material is for information only and should not be treated as financial advice or investment guidance.
