Ondo Trades Sideways as Derivatives Activity Remains Elevated

After a brief pullback, Ondo (ONDO) has found support at $0.40, a critical technical zone for the token.

Derivatives data from CoinGlass shows that market participants remain active, with open interest hovering near $200 million, close to its recent peak.

The current trend suggests a consolidation phase rather than a major directional shift, with traders opting to take profits after the recent surge.

While momentum has slowed down according to the MACD indicator, it still shows a bullish reading. The next decisive move may depend on whether ONDO can secure a close above $0.40 or whether sellers force a retest of lower support areas.