Ondo Finance (ONDO), once a rising star in the altcoin market, is now facing serious headwinds. In a move that’s raising eyebrows across the crypto space, a major whale has sold 2.69 million ONDO tokens—worth approximately $2.13 million. This high-volume sale, alongside declining technical indicators and sustained negative sentiment, could mark the beginning of a more substantial downturn for the token.

Whale Moves $2.13 Million in ONDO Tokens

On June 17, blockchain tracking platform Onchain Lens reported that a large ONDO holder offloaded their entire 2.69 million token position. The investor had held onto these tokens for about two and a half months before making the exit. Despite the bearish trend, the whale still managed to book a $123,000 profit.

Although the sale might appear to be a savvy move to secure gains before a potential market slide, analysts say it also sends a clear signal: major players may no longer believe in ONDO’s near-term upside.

The market took notice immediately. ONDO’s price, which peaked at $0.92 just a week ago, has fallen more than 10% in seven days, now hovering dangerously close to $0.75—a key support level.

Whale Activity Remains High Despite Bearish Sentiment

Interestingly, whale activity hasn’t disappeared. According to data from CryptoQuant, the Spot Average Order Size continues to show large transactions, indicating that big players are still active in the ONDO market. However, these movements increasingly reflect selling pressure rather than accumulation.

IntoTheBlock data adds weight to the bearish narrative. Over the past 48 hours, large holders have offloaded around 4.85 million ONDO tokens, as indicated by a negative Large Holder Netflow. This metric tracks the behavior of investors holding significant amounts of a crypto asset, and when it turns negative, it’s often a red flag for continued selloffs.

Technical Indicators Paint a Gloomy Picture

Market metrics further confirm the downtrend. According to CoinGlass, ONDO’s spot netflow stood at a positive $762,000 at the time of writing. While that might sound like good news, a positive netflow actually suggests more inflows into exchanges—often a precursor to increased selling pressure.

Momentum indicators are no better. The Moving Average Convergence Divergence (MACD), a key trend-following indicator, has been on a downward trajectory for five straight days. Since making a bearish crossover, the MACD has shown no signs of a potential reversal.

Similarly, the Relative Strength Index (RSI) has dipped to around 37, approaching oversold territory. An RSI below 40 typically indicates growing seller dominance, hinting at further losses unless a sharp reversal occurs.

Will ONDO Break Below Critical Support?

With multiple red flags flashing across both on-chain and technical metrics, the next few days will be critical for ONDO. Analysts now say the altcoin is facing a key test: holding the $0.75 support level. This level has historically served as a bounce-back zone, but given the current market conditions, confidence is waning.

If the token fails to hold above $0.75, it could quickly tumble to $0.72—its next major support zone. And if that level fails as well, the decline could accelerate.

For ONDO to recover, it would need a significant change in sentiment. Buyers would have to re-enter the market in large numbers, absorbing the sell pressure and pushing the price back above $0.80. But without clear signs of renewed interest from retail or institutional investors, that scenario currently appears unlikely.

What’s Next for ONDO?

So, what does this mean for ONDO holders and prospective investors?

In the short term, volatility is almost guaranteed. Whale selloffs, negative technicals, and broader bearish sentiment don’t make for a stable environment. Long-term investors may see this as an opportunity to accumulate at lower levels, but for those focused on near-term gains, caution is advised.

With other altcoins also experiencing similar bearish patterns, ONDO isn’t alone. The crypto market as a whole has entered a phase of correction, and ONDO appears to be one of the more vulnerable assets in this downturn.