Ondo Finance Breakout Undermined by Weak Trading Volume

Ondo Finance [ONDO] recently made a remarkable move, gaining 6.33% in one day, outperforming Bitcoin's [BTC] 1.90%. However, this breakout was undermined by weak trading volume.

The spot taker CVD on CryptoQuant showed that sellers still dominate the market, despite Ondo Finance's rally toward $0.470. A significant move of 8.1 million ONDO, worth $1.66 million, to Coinbase also sparked concerns about selling pressure.

Derivatives interest in Ondo Finance was high, with a 16% uptick in Open Interest over the past 24 hours on Coinalyze data. This could help sustain its short-term momentum, but it's unclear if the bulls will be trapped or not.

The altcoin has been following a descending triangle pattern since May and had a clean bullish breakout earlier in July. However, the OBV (On Balance Volume) has remained relatively flat and hasn't cleared the late-June highs. Furthermore, trading volume has not matched its intensity in May.