Ondo (ONDO) dropped 6.1% in the past 24 hours, trading near $0.35 as renewed selling hit the token. The price hovered at the lower end of its daily range between $0.3438 and $0.3751. At the same time, Ondo’s market capitalization stood at approximately $1.71 billion.
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AAPLTechnical pressure mounts on ONDO
ONDO faced increased volatility as traders eyed a critical technical level, with many monitoring for a potential double-top reversal. According to analyst Crypto With Gopal, ONDO’s price repeatedly struggled to overcome key resistance levels, signaling diminished buying power.
ONDO appears to be forming a textbook double top, with price action struggling near resistance. A break below the neckline could confirm a bearish reversal, increasing the pressure on bullish holders.
Technical patterns such as the double top often indicate a loss of upward momentum and an increased probability of further declines if crucial support fails. Observers highlighted that sellers continued to protect recent highs, while bulls need to reclaim these levels to shift sentiment in their favor.
Leadership dispute unsettles Ondo Finance
The negative sentiment has coincided with a leadership conflict at Ondo Finance after the passing of its founder Nathan Allman in late May. Nathan’s mother, Kathleen Allman, filed a lawsuit in the Delaware Court of Chancery, seeking to remove CEO Ian De Bode and secure control of the company.
Kathleen Allman claimed that Nathan had held majority voting shares, which now belong to his estate. She stated that at a board meeting on July 24, members elected her interim CEO in place of De Bode, a move he strongly disputes. De Bode argued the legal challenge lacks merit and maintained his current leadership position.
Ondo Finance, formed in 2021, focuses on tokenizing real-world assets and developing decentralized financial infrastructure. The company has received support from major investors, including Coinbase, Wintermute, Tiger Global, and Founders Fund.
Mini dictionary: Delaware Court of Chancery, a specialized court in Delaware known for handling corporate and fiduciary disputes involving businesses incorporated in the state.
Investor confidence in the current management remained steady. The Ondo Foundation and several large backers continued to support De Bode, even as the court proceedings moved forward. Market reactions were swift, with more than 10 million ONDO tokens reported to have flowed to exchanges, raising concerns about possible intensified selling activity.
Derivatives data signals reduced bullish momentum
Data from CoinGlass showed ONDO futures open interest dropped by 7% within one day, registering $176.95 million, as traders trimmed positions amid growing uncertainty. Approximately $941,190 in long positions were liquidated, starkly outpacing the $6,780 in short liquidations. Meanwhile, funding rates turned negative at -0.0004%, underscoring weaker demand for leveraged bets on a price rally.
| Metric | Previous | Current |
|---|---|---|
| ONDO price | $0.3751 | $0.35 |
| Futures open interest | $190 million | $176.95 million |
| Long liquidations | N/A | $941,190 |
| Short liquidations | N/A | $6,780 |
| Funding rate | 0% | -0.0004% |
With ONDO’s price remaining close to the lower end of its daily trading range and market conditions unsettled, traders and investors continue to monitor developments related to both legal and technical risks.
