Key Insights:
- Whale exits $2.13M ONDO position, sparking intraday sell pressure.
- Key support at $0.75 tested amid rising Bitcoin dominance.
- Tokenized asset growth steady, but near-term outlook uncertain.
ONDO Finance saw its token fall by over 7% in the past 24 hours following the exit of a large holder who sold 2.69 million tokens worth $2.13 million. This sent the token under the $0.80 support, which accelerated further selling.
Whale Activity Sparks Immediate Sell Pressure
A significant ONDO whale sold a 2.69 million token position on-chain at $0.788, taking home 2.13 million USDT.
This move exerted immediate bearish pressure on the ONDO price, falling below the short-term support.
ONDO fell intraday to 0.763, or more than 7% off its previous day peak. The drop invalidated the rising wedge pattern that had been forming since May.
Technical indicators have turned bearish with the MACD histogram going down to -0.00345. RSI also declined to 39.9, which was close to oversold, but did not diverge, which meant that it was still weak.
ONDO Technical Breakdown Meets Broader Market Headwinds
The recent price action drove ONDO to a critical support area between 0.745 and 0.815. It recovered briefly to around the 61.8% Fibonacci level of $0.81513, but the inability to rise above $0.84 proved there was no momentum.
Analysts observe that a complete reversal of the trend will need five distinct impulse waves and a breakout above 0.92.
Daily turnover increased by 82% to 185 million, which supported the notion of panic selling. The poor performance of the altcoin was in contrast to the relatively stable total crypto market cap, which fell by only 0.18% in the same period. The traders reacted to the wider macro events as the Bitcoin dominance increased to 63.8%.
Consequently, the Fear and Greed Index dropped to 53, compared to 64 a week ago, which shows that investors are losing confidence. In the meantime, the Altcoin Season Index decreased to 20/100, which indicates further rotation of the market out of risk-on assets.
The 24-hour funding rate of ONDO also became volatile and fluctuated between positive and negative values.
Conversely, the derivatives market experienced a 23.03% rise in the trading volume, which currently stands at 573.92 million dollars, but the open interest declined by 5.67% to 307.67 million dollars. More than 1 million dollars worth of long positions were closed within one day.
Long-Term Strength Meets Short-Term Uncertainty
Nevertheless, ONDO is still among the leading performers in the tokenized real-world asset (RWA) segment despite the current weakness.
The report of CoinGecko on RWA in 2025 proves that Ondo Finance has been instrumental in the increasing market cap of tokenized treasuries to 4.7 billion since January. It is still a leading contributor with BlackRock and Franklin Templeton.
On this momentum, Ondo Finance introduced its Global Markets Alliance on June 17. The project unites wallets such as Trust Wallet and Bitget, custodians such as BitGo and Fireblocks, and exchanges such as 1inch to develop standards of tokenized securities.
The aim is to facilitate improved access, liquidity, and interoperability of on-chain capital markets.
The next Ondo Global Markets platform will also increase the reach of ONDO by enabling non-U.S. users to access tokenized U.S. stocks and ETFs. Although this long-term vision helps to support the relevance of ONDO, the price patterns are still strongly influenced by the short-term trader sentiment.
Meanwhile, data from token terminal points to a decreasing interest, with the average number of daily active addresses being only 763 and weekly users being 5,200.
This decline in user activity can keep exerting pressure on the token until the sentiment or usage changes. The support of 0.75 is the last line of defense, and a failure to hold this level may result in 0.65 and lower levels on Fibonacci retracement.
The bullish case is contingent at present. To regain upside momentum, ONDO will need to form a confirmed breakout above $0.92 with volume confirmation and a five-wave rally structure.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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