ONDO Token Tests Key $0.979 Support Level Amid Market Volatility

Ondo Finance's ONDO token has retreated from its recent breakout attempt, with a 0.35% decline in the past 24 hours leaving it NEAR the critical $1 psychological level. The reversal occurred as market-wide corrections triggered a bearish engulfing candle, erasing months of accumulation in just three trading sessions.

Whale activity presents a contrasting narrative. Transactions between $100,000 and $1 million have doubled, indicating institutional accumulation during the dip. However, retail participation has declined, with CoinMarketCap data showing a 25% drop in daily trading volume following the failed breakout.

Technical analysts are closely monitoring the $0.979 support level, which has held on both daily and four-hour charts. The formation of another rejection candle at resistance raises concerns about a prolonged consolidation phase. The ambitious $2.80 price target suggested by some analysts appears increasingly unlikely without a decisive recovery of higher time frame structures.