ONDO Faces Bearish Pressure as It Breaks Key Ascending Channel

ONDO is under increasing pressure following a 33% drop from its May peak, reflecting broader market uncertainty. Once a leading token, ONDO now struggles with weakening sentiment and technical structure. Analysts caution that further losses could occur if critical support levels fail.

Ali Martinez points to a significant bearish signal—ONDO's breakdown from an ascending channel, a pattern often followed by additional downside. The next target is $0.29, with declining trading volume hinting at an impending decisive move.

Market participants are divided on ONDO's outlook. Some view this as a healthy pullback, while others expect a prolonged correction. With bulls unable to regain dominance, ONDO's next challenge lies in lower demand zones, which may dictate its medium-term trajectory.