Ondo Finance Token Faces Selling Pressure Despite 2.24% Rally

The Ondo Finance [ONDO] token has been facing selling pressure in both the spot and derivatives markets, according to data from CryptoQuant. In the past 24 hours, ONDO rallied by 2.24%, with a daily trading volume increase of just over 2%. However, this uptick was not enough to overcome the altcoin's decline since it made a local high at $0.427 last Thursday, July 30.

The token's price has dropped by 11.3% in that time, with structured token deposits by the Ondo Finance team to Coinbase potentially weighing on market sentiment and anticipating potential selling pressure.

A bearish breakout from a descending triangle pattern was expected, but the $0.413 resistance zone was not flipped to support, keeping the bearish idea alive.