ONDO Faces $2.4 Billion Token Unlock Threatening $1 Support
The ONDO Finance market is under pressure amidst a broader crypto market uptrend. The price has dropped over 40% from its recent high of $2.14, currently consolidating around $1.24. Key points include:
- Current price action shows an intraday gain of 2.59% but remains in a bearish trend.
- Short-term support is identified at $1.18; a breakdown could test the psychological $1 mark.
- The upcoming unlock of 1.94 billion ONDO tokens (worth $2.4 billion) may lead to increased selling pressure.
- This token unlock exceeds 130% of ONDO's current market cap of $1.8 billion.
- A whale recently sold 10.978 million ONDO tokens, incurring a loss of $3.54 million, possibly anticipating further declines.
- Key support levels are at $1.15, $1, and $0.90, with significant holdings in these zones that could stabilize the price.
Overall, the situation suggests potential bearish continuation, with critical resistance at $1.52 and possible bullish divergence noted in RSI indicators.