Ondo Finance’s ONDO token faces renewed selling pressure after failing to break above a triangle formation, dropping 3.24% to $0.34807. Crypto analyst LAR described the pullback as continued “manipulation,” arguing it could present another accumulation opportunity. Technical indicators show short-term weakness, with price below the 20-day moving average and MACD signaling bearish momentum. Derivatives volume fell 16.67% to $213.61 million, while open interest dipped 1.51%. However, Ondo Finance reported a 93% surge in tokenized asset holders to nearly 450,000 in 30 days, supporting a longer-term positive outlook despite current bearish pressure.
Ondo Finance’s ONDO token is facing renewed selling pressure after another failed attempt to break above its triangle formation’s upper boundary. Crypto analyst LAR described the move as “manipulation,” adding that the pullback could present another opportunity to accumulate ONDO.
According to the analyst, weak hands may be shaken out before the token resumes its broader upward move. LAR maintains a bullish outlook and expects ONDO to eventually move toward $0.90, though the target remains a projection.
TradingView data shows ONDO trading at $0.34807, down 3.24%, and below its 20-day simple moving average of $0.36386. The price is approaching the lower Bollinger Band near $0.33536, which could become important support.
A sustained decline below that level could expose ONDO to additional downside toward the lower $0.30000 range. Momentum indicators also point to caution, with the MACD line below the Signal line and a negative histogram.
Derivatives activity shows cautious positioning. CoinGlass data shows 24-hour derivatives volume decreased 16.67% to $213.61 million, while open interest fell 1.51% to $222.77 million.
The greater decline in volume points to lower short-term trading participation, while the smaller decrease in open interest suggests many existing positions remain. Despite short-term weakness, Ondo Finance noted growing popularity of tokenized assets, with holders rising 93% to nearly 450,000 in 30 days.
The increase indicates rising interest in Ondo’s tokenized financial assets. For ONDO, defending $0.33536 could help contain the correction, while reclaiming $0.36386 would improve its technical setup.
