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The price action of Ondo Finance (ONDO) is under immense selling pressure following the ongoing activities. The altcoin has yet to spike in price, despite other activities like tokenization becoming rampant on the ONDO chain.
The altcoin is following Ethereum (ETH) and Chainlink (LINK) in terms of enabling tokenized stocks on Wall Street. The price structure may revert as it approaches a key demand zone, despite the risk of breakdown.
Will ONDO crypto hold, or will the sell pressure push prices further down?
ONDO Crypto Multisign Wallet Deposits Into CEXs
ONDO Finance moved about 25 million ONDO tokens worth $10.33 million. The transfers went to several centralized exchanges. Arkham Intelligence reported the use of ONDO’s Gnosis Safe multisig wallet.
This included five batches of 5 million ONDO worth over $2 million. Each was deposited to addresses associated with Bybit (purportedly Arthur Hayes’ wallet), OKX, Gate.io, and KuCoin.
The same platforms were used for smaller test transfers of 100 ONDO. These activities pointed to possible sales preparation or liquidity provision.
ONDO showed short-term bearish sentiment, with the price trading at $0.40, down 4.5% in a day from $0.42. Further declines could occur if these sales materialize. On the other hand, market making could stabilize volatility and trading activity.
ONDO’s RWA Stress Test Amid $756M Token Crypto Unlock
More selling pressure was anticipated due to the token unlocks scheduled to occur in two days. ONDO Finance will unlock tokens worth more than $758 million at press time.
These events potentially influenced the massive token movement to exchanges. Thus, it could mean that people were selling off their coins and putting more pressure on supply.
Still, ONDO’s Real World Assets (RWA) were doing very well. The TVL in tokenized stocks grew to over $500 million, giving it a 53% market share in tokenized US stocks on Solana. As a result, ONDO has been called the “NASDAQ of Solana.”
The event may test ONDO’s resilience in the market. It must balance strong RWA growth with sell pressure from unlocks.
The outcomes could be a squeeze-dump scenario or institutional absorption. This episode showed how volatile crypto was at the moment.
ONDO Crypto Price Prediction: Is a Crash Coming?
On the charts, ONDO price was still under pressure to go down after failing to hold previous levels of support. This supported the idea that momentum had weakened, despite the structure being bullish previously on the 15-minute timeframe.
The price recently bounced off the $0.3833 support level, but the recovery looked more like a correction than an impulse. There were layered resistances between $0.3890 and $0.3976 that stopped the price from going up. These areas aligned with previous supply, which made rejections more likely.
A deeper liquidity sweep below $0.3833 could mean that things were stabilizing in the short term. A clear bullish pin bar or engulfing candle followed it. This would give traders a chance to time entries as the price navigated between $0.3890 and $0.3952 levels.
The price may fail to rise back to $0.3890 with bearish confirmation. It could then drop to $0.3799. Further decline may push it even lower. The bias remains cautious until the price goes back up and stays above $0.3952.
Overall, ONDO maintained a cautious stance, with the dominant force appearing to be the selling pressure from the two activities. Only bullish action could reverse this potential price breakdown.
