Key Takeaways:
- ONDO fell 24% from $0.427 to $0.325 after a $1.4M token transfer to Coinbase
- Long leverage below $0.322 outweighs shorts, pointing to a slide toward $0.30
- Bearish swing structure persists until ONDO closes above the $0.47 swing high
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Ondo slides 24% as weak demand puts $0.30 support at risk
Ondo Finance's ONDO fell 24% to $0.325 as weak demand followed a $1.4M Coinbase transfer, putting $0.30 support at risk.
CoinGlass liquidation data shows cumulative long leverage below $0.322, down to $0.302, significantly outweighing short leverage overhead, with a cluster of high-leverage short liquidations around $0.342.
A team-linked wallet sent 4.019 million ONDO tokens, worth approximately $1.4 million, to Coinbase. While the transfer does not confirm a sale, it points to increased near-term supply. The token had broken out of a bullish triangle pattern and climbed to the $0.42 supply zone before reversing. Since May, trading volume has declined, and the breakout was not accompanied by a surge in buying volume, resulting in the price drawdown. The 5.44% weekly decline compounds the broader weakness, with the token now trading back at a key support zone after the failed breakout.
The 1-day swing structure remains bearish, with traders maintaining long-term bearish expectations until ONDO closes a daily session above the $0.47 swing high. Short-term, the higher long leverage suggests ONDO will fall toward $0.30 before any bounce, with recovery dependent on incoming capital flows and an uptick in buying pressure.
Ondo Finance, a protocol that tokenizes real-world assets on Ethereum, also submitted a no-action request to the SEC. In limited circumstances, the relevant securities entitlements would be represented in tokenized form on the Ethereum Mainnet, held by onchain custodian BitGo to help with recordkeeping. The SEC has not publicly responded to the request. The filing represents a notable step for the protocol, which has been expanding its tokenized securities offerings.
The broader RWA token sector could face sentiment pressure if ONDO breaks below $0.30, as Ondo Finance is a prominent protocol in that space. A cascade of long liquidations below current prices could accelerate the decline, potentially dragging peer tokens lower. Other RWA-focused tokens have shown similar vulnerability to supply-side pressure in recent weeks.
For short-term traders, the liquidation map suggests the path of least resistance is downward toward the $0.30 area. A bounce from that level would require fresh capital inflows and a visible increase in spot buying volume, neither of which has materialized since the triangle breakout failed. The token's 5.44% weekly decline reflects the persistent lack of demand, and until the $0.47 swing high is reclaimed on a daily close, the bearish structure remains intact. Traders should watch for a daily close below $0.30, which would open the door to further downside toward the $0.28 area.
This article is for informational purposes only and does not constitute investment advice.
