$ON just made me laugh again. In 24 hours it dropped straight from 0.35 to 0.26—down 23%—with trading volume of just over 30M. Do you really think this is only “market panic”? I watched the order book for two hours: that low at 0.2563 got oddly defended, then it just slowly drifted lower—this kind of move feels way too deliberate.
Don’t tell me it’s just the broader market dragging it down. Even BTC hasn’t moved much. So why would $ON collapse on its own? I think someone is using thin liquidity to distribute shares (sell off). With a 30M-sized order book, it’s not exactly hard to smash it down. The key level has already broken—0.25 is the last psychological support. If it dips any further, I suspect it’ll go straight toward 0.22.
Honestly, my position isn’t heavy, but at a time like this you’re still expecting a “deep-value rebound” to bottom-pick? I can only say you haven’t figured out the rhythm of this coin yet. Either the main players are still distributing, or retail is getting panicked and nobody is there to catch the bids—either scenario isn’t great. I’m just watching it myself. If it breaks below 0.255, I’ll admit defeat and exit. Don’t go fighting the trend.
Don’t tell me it’s just the broader market dragging it down. Even BTC hasn’t moved much. So why would $ON collapse on its own? I think someone is using thin liquidity to distribute shares (sell off). With a 30M-sized order book, it’s not exactly hard to smash it down. The key level has already broken—0.25 is the last psychological support. If it dips any further, I suspect it’ll go straight toward 0.22.
Honestly, my position isn’t heavy, but at a time like this you’re still expecting a “deep-value rebound” to bottom-pick? I can only say you haven’t figured out the rhythm of this coin yet. Either the main players are still distributing, or retail is getting panicked and nobody is there to catch the bids—either scenario isn’t great. I’m just watching it myself. If it breaks below 0.255, I’ll admit defeat and exit. Don’t go fighting the trend.