24h high 0.5794, plunging to a low of 0.4977—amplitude 16%. The close then pulled back near 0.54. That needle—$ONDO —seems driven deep enough, but volume didn’t completely collapse. With $170M in trading volume sitting there, it suggests someone is picking up from below. In the RWA sector, the narrative lately hasn’t really stopped—several big V accounts have been discussing tokenized treasuries. $ONDO is one of the toughest/strongest targets on this track. But pay attention: after dropping from the highs this move, the funding rate hasn’t clearly flipped negative; the long-vs-short ratio is still tilted toward longs. In plain terms, retail sentiment hasn’t died. In this kind of structure, chasing higher is likely to get buried. On-chain, I didn’t see signs of whales dumping large amounts—more like short-term funds are doing swing trades inside. The 0.50 level has been tested repeatedly: holding it is support; breaking it means the next leg lower.

$ONDO #行情分析 #On-chain data