Ondo (ONDO) is just a month away from a massive token unlocking event. This event could push the price of the digital asset to monthly lows if the digital asset sector and investors are not ready. A massive $3 billion worth of ONDO tokens will hit the market on January 18th, 2025, but with a catch.
According to a post on X (formerly Twitter) by Tokenomist (previously known as TokenUnlocks), the unlocked tokens, representing 135% of the circulating supply (14.37% of the total supply), will be divided into two. About 80% of the total tokens unlocked will go toward ecosystem growth and protocol development, while the other 20% will be reserved for investors.
At the time of writing, ONDO is trading at $1.43, down 11.68% in the past 24 hours. It has a market capitalization of $2 billion and a trading volume of $498 million, which surged 127% in the same time period, CoinMarketCap data shows. The cryptocurrency is down 25.12% from its all-time high of $1.93, witnessed earlier this month.
Will the ONDO Price Crash?
Tokenomist highlighted that the early backers of the project and initial investors entered at a price of $0.02 during the series A funding round and have now made profits as high as 80x. So, the 322 million ONDO tokens (worth $500 million) being unlocked for investors on January 18th may push the cryptocurrency down.
The Relative Strength Index (RSI) for the ONDO price action reads a value of 58.61 which means that the bulls are in control of the altcoin’s price action and investors can expect the correction to end soon. However, the MACD indicator is about to witness a bearish divergence which if happens, can lead to another crash in the price of ONDO.
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