ONDO rebounds 10%, but traders still lean bearish – Can $0.4 hold?
With geopolitical tensions potentially easing and hopes of a U.S./Iran peace deal building, the crypto market saw renewed demand. Amid this shift in sentiment, Ondo Finance [ONDO] rebounded from a $0.37 dip, defended the $0.4 support level, and climbed to $0.44. At press time, ONDO traded at $0.42, up 10.45% on the daily chart. However, trading volume dropped 32%, signaling lower market participation. As the market recovered, traders opened new leveraged positions. Open Interest [OI] jumped 15% to $223 million, while Derivatives Volume fell 37% to $682 million. Source: CoinGlass The rise in OI suggested leverage was building quietly, but traders remained cautious. Higher OI alongside weaker Derivatives Volume often preceded stronger breakouts or sharper pullbacks. For now, ONDOs market structure still reflected hesitation. Why are ONDO spot traders still selling? Despite the rebound, ONDO spot investors remained largely skeptical. Traders continued cashing out even small gains. According to Coinalyze data, sellers dominated the market for five consecutive days. Sales volume reached 101 million over the past 24 hours. Source: Coinalyze At the same time, buy volume dropped to 99 million, leaving the market with a negative delta. This trend persisted over several sessions, signaling aggressive Spot selling pressure. On top of that, exchange flows reinforced the same bearish pattern. Over the