$ONDO tests KEY support after $1.35M token transfer sparks supply fears
A team-linked wallet transferred another 4 million ONDO, worth approximately $1.35 million, into Coinbase during the latest distribution. The wallet had originally received 20 million ONDO directly from the team.
Since then, its Coinbase transfers had reached 12 million ONDO through three separate 4 million token deposits. Therefore, 60% of the original allocation had already moved toward the exchange.
Coinbase had also transferred roughly 4 million ONDO per transaction toward Bybit during the previous week, Those movements increased concerns because exchange-bound tokens could become available for distribution.
Meanwhile, ONDO traded around $0.3372 as trading volume fell 5.46% to $66.05 million at the time of writing. Weaker activity reduced the available demand needed to absorb additional supply. Continued transfers would therefore leave ONDO increasingly dependent on stronger buying interest to stabilize its declining price structure.
Can key support halt ONDO’s slide?
On the daily chart timeframe, ONDO had lost the $0.3778 level after sellers rejected its recovery below the $0.4279 resistance. Price then descended toward $0.3344, bringing the $0.3101 support increasingly closer.
Notably, Parabolic SAR stood near $0.3788, placing its dots above price throughout the latest downswing. That positioning had maintained a bearish directional structure after ONDO surrendered $0.3778.
Meanwhile, at the time of writing, the MACD had moved below its signal line as the negative histogram expanded during the decline.Selling pressure had therefore strengthened while the price approached the lower boundary of its broader range. The $0.3101 support could become the decisive area for buyers seeking to prevent deeper losses.
A firm defense could encourage stabilization, although $0.3778 would remain the meaningful recovery threshold. Failure around $0.3101 could instead expose ONDO to a broader downside extension.
A team-linked wallet transferred another 4 million ONDO, worth approximately $1.35 million, into Coinbase during the latest distribution. The wallet had originally received 20 million ONDO directly from the team.
Since then, its Coinbase transfers had reached 12 million ONDO through three separate 4 million token deposits. Therefore, 60% of the original allocation had already moved toward the exchange.
Coinbase had also transferred roughly 4 million ONDO per transaction toward Bybit during the previous week, Those movements increased concerns because exchange-bound tokens could become available for distribution.
Meanwhile, ONDO traded around $0.3372 as trading volume fell 5.46% to $66.05 million at the time of writing. Weaker activity reduced the available demand needed to absorb additional supply. Continued transfers would therefore leave ONDO increasingly dependent on stronger buying interest to stabilize its declining price structure.
Can key support halt ONDO’s slide?
On the daily chart timeframe, ONDO had lost the $0.3778 level after sellers rejected its recovery below the $0.4279 resistance. Price then descended toward $0.3344, bringing the $0.3101 support increasingly closer.
Notably, Parabolic SAR stood near $0.3788, placing its dots above price throughout the latest downswing. That positioning had maintained a bearish directional structure after ONDO surrendered $0.3778.
Meanwhile, at the time of writing, the MACD had moved below its signal line as the negative histogram expanded during the decline.Selling pressure had therefore strengthened while the price approached the lower boundary of its broader range. The $0.3101 support could become the decisive area for buyers seeking to prevent deeper losses.
A firm defense could encourage stabilization, although $0.3778 would remain the meaningful recovery threshold. Failure around $0.3101 could instead expose ONDO to a broader downside extension.