The price of ONDO, the native token of Ondo Finance, continues to face significant downward pressure, trading near critical support levels despite a recent filing for a spot exchange-traded fund (ETF) by asset manager 21Shares.
ONDO's price has been in a sustained downtrend since its peak near $2.1 in December 2024. As of recent analysis, it trades around $0.2544, hovering precariously above a crucial support band between $0.23 and $0.25. Market watcher Altcoinpedia warns that a decisive break below $0.23 could trigger a slide toward the $0.20 level, an area tied to previous cycle lows. Recovery attempts have consistently stalled beneath the first major resistance region between $0.30 and $0.32, with broader resistance sitting between $0.38 and $0.40.
Technical indicators paint a bearish picture. ONDO trades below its key short and medium-term moving averages, with the Relative Strength Index (RSI) in a neutral-to-bearish range. Volume behavior shows only small, uneven bursts of buying, failing to establish sustained momentum.
The news of 21Shares filing for an ONDO ETF provided a brief narrative boost, coinciding with an 8% price bounce. However, analysts note this move aligned with broader market appreciation, suggesting it was driven by general momentum rather than new, specific demand for ONDO. The token failed to reclaim previously broken structural support near $0.356, with sellers aggressively defending rebounds.
Derivatives data reveals a market stepping back. Total derivatives volume for ONDO plummeted 40.51% to $227.96 million, while Open Interest fell 1.50% to $68.52 million, indicating a sharp contraction in speculative activity and leverage reduction. Furthermore, the Open Interest-weighted funding rate flipped negative to approximately -0.0024%, signaling that traders with short positions are being paid by those holding longs—a consensus bias toward further downside.
Liquidation heatmaps show the price is trapped in a tight volatility corridor. Heavy short-side liquidity clusters sit above $0.27, while long liquidations are concentrated between $0.24 and $0.23. This setup increases the risk of cascading liquidations with any decisive price movement in either direction.
Beyond short-term volatility, Ondo Finance's fundamentals offer a longer-term context. The protocol dominates the tokenized equity sector, which is nearing a $1 billion valuation. Planned expansion includes a Solana integration expected in early 2026 and wider deployment of its USDY stablecoin. Institutional discussions about enabling continuous trading for tokenized stocks could also unlock deeper market participation in the future.
