|
Getting your Trinity Audio player ready...
|
ONDO token faces rising sell pressure after a major whale exits the market, raising concerns of further downside.
Ondo Finance’s native token, ONDO, has come under intense selling pressure in recent days. The token has dropped 10.76% over the past week, falling from $0.92 to current levels near $0.82. Now, after a major whale dumped 2.69 million tokens worth $2.13 million, bearish concerns are growing stronger.
Whale Sells 2.69 Million ONDO for $2.13 Million
On June 17, blockchain tracking platform Onchain Lens reported that a major ONDO whale liquidated 2.69 million tokens after holding them for approximately 2.5 months. The sale generated a profit of $123,000 for the whale but may also signal a defensive exit in anticipation of further losses.
Adding to the bearish outlook, the Large Holder Netflow has remained negative for two consecutive days, reflecting a net selloff of 4.85 million ONDO tokens. Persistent whale selling indicates growing skepticism among large investors about ONDO’s short-term prospects.
Sell Pressure Escalates in the ONDO Market
ONDO’s current spot netflow is firmly positive, hitting $762,000 at press time. A positive netflow indicates more tokens flowing onto exchanges—typically a precursor to heightened sell pressure.
Meanwhile, key momentum indicators continue to weaken. The MACD has been declining for five straight days following a bearish crossover, reinforcing downside momentum. The Relative Strength Index (RSI) has also slipped to 37, nearing oversold levels, underscoring the dominance of sellers in the market.
Key Support Levels to Watch
With bears in control, ONDO risks further declines if buyers fail to step in. The first key support level lies at $0.75, where the token previously found buying interest. A break below this level would likely expose ONDO to further losses toward the next support at $0.72.
Also Read: ONDO Price Reversal: Analysts Predict 400% Rally as Bullish Momentum Builds
For any potential trend reversal, bulls must absorb the current sell pressure and push ONDO back above $0.80—a critical level for restoring confidence in the market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
