A whale dumped 10.97 million ONDO tokens for $13.58 million USDC, leading to a 20.7% loss in just 38 days. This abrupt sell-off comes ahead of a significant token unlock scheduled for January 18.
Source: X
The upcoming event will see the release of 1.94 million ONDO tokens, which is 14.21% of its circulating supply. Despite growing concerns about potential volatility, analysts suggest the market remains strong, and ONDO maintains key technical levels.
Unlock events usually raise concerns about market fluctuations due to sudden increases in supply. However, some investors see this as an opportunity.
One such notable trader highlighted that ONDO is “perfectly holding the 61.8 Fibonacci retracement level,” adding, “I’ve opened a long position at this level.” He also dismissed the FUD surrounding the unlock event.
Speculation even hints at a potential ONDO price surge as broader market conditions improve. This technical stronghold suggests that panic selling may not reflect broader market sentiment.
Related: Trump’s World Liberty Invests $250K in ONDO Tokens, RWA Focus Grows
Besides that, the project boasts robust metrics with 85.51% of its tokens locked, leaving only 14.49% unlocked. In November, ONDO generated substantial economic activity, further solidifying its position as a resilient protocol amidst market fluctuations.
ONDO Funding Rate Turns -60%, A Rare Long Opportunity
ONDO’s funding rate has plunged to -63.73%, offering traders a rare chance to go long while earning from exchanges. Crypto analyst Martinez Ali describes this as a “rare setup and noteworthy opportunity.”
Related: ONDO Faces Bearish Pressure as DOGE Eyes Parabolic Rally
Adding to the market optimism is ONDO’s association with the Real-World Assets (RWA) narrative and its positioning as a “Trump coin”. The crypto market buzz is intensifying as Trump’s upcoming inauguration approaches, further fueling interest in the token.
This bullish sentiment combined with the unusual funding setup could signal a potential price rally. Analysts recommend keeping a close watch as ONDO continues to gain traction. Whether the whale’s move was a smart stop-loss or unnecessary panic remains to be seen.
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