The crypto market has experienced significant selling pressure in recent days, prompting some long-term ONDO investors to exit their positions. According to on-chain data from Nazoku, a long-term investor identified as mcaavebank.eth sold 9 million ONDO tokens worth $4.4 million after providing liquidity on Uniswap for five months.
Exchange flow data reflected the selling activity. ONDO's Spot Netflow turned positive on October 9th, rising to $810,000 after four consecutive days of negative flows, indicating increased inflows to exchanges.
Despite the broader market decline and whale exits, ONDO showed relative resilience. The token fell to $0.43 but rebounded to close at $0.47 on October 8th. The following day, it reached a daily high of $0.49.
Private Markets Launch Supports Price Action
The rebound coincided with the launch of Ondo Finance's 24/7 Private Markets, which offers tokenized exposure to private companies before their public offerings. The platform aims to bridge the gap between retail and institutional investors, providing access to companies in sectors including artificial intelligence, robotics, cybersecurity, biotech, and infrastructure.
Technical Indicators Show Mixed Signals
While ONDO recovered modestly, technical momentum indicators suggested caution. The Relative Strength Index (RSI) rose to 56 but remained below its RSI-based moving average, indicating that buying pressure was insufficient to confirm a trend reversal. The True Strength Index (TSI) fell to 15, pointing to weak upside momentum.
A sustained strengthening of buying pressure could allow ONDO to reclaim $0.50 and potentially target $0.53. However, if the current recovery fails to establish a trend reversal, the token could decline to $0.42.
