The crypto market has been experiencing a pause after its recent rally, with various cryptocurrencies showing mixed performance.
However, one of the standout losers is ONDO, the native coin of the Ondo Finance ecosystem, which has dropped 6% in the last 24 hours. This decline has put pressure on the $0.2400 support level, and derivatives data suggest that further downward pressure may be on the horizon.
According to CoinGlass data, ONDO futures have seen significant long liquidations, totaling $99,730 over the past day, with a 5% drop in futures Open Interest (OI). This indicates reduced market participation and suggests a bearish inclination among traders.