About 26.05 million ONDO tokens, valued near $9.79 million, were recently transferred from a wallet linked to the Ondo team to Coinbase. This move drew attention following a previous receipt of 150 million tokens three weeks earlier from a multi-signature wallet, as revealed by Arkham data.

Two weeks after the initial transfer, approximately 26.39 million tokens were relocated from the same address. Of that amount, 26.05 million landed on Coinbase, marking a pattern similar to past activity where tokens shifted through this wallet were eventually sold. However, no immediate sale was confirmed with the latest deposit, although it raised the possibility of increased selling pressure in the short term.

Market Reaction and Trading Dynamics

Despite the token movement, ONDO had been on an upward trend, reaching a local peak of $0.38 recently. The transfer coincided with a slight pullback to $0.36, with the token trading around $0.37 at the time of reporting up 1.7% over 24 hours. trading volume declined by 46%, suggesting diminished market participation.

Technical indicators remained favorable: ONDO's Relative Strength Index hovered near 64, signaling sustained buyer interest. The Buy-Sell Delta, positive for four days in a row, showed buy volumes totaling roughly 199.6 million compared to 186.5 million in sells, resulting in a positive delta of 13 million. This pattern indicates strong spot accumulation, potentially allowing ONDO to maintain its 200-day exponential moving average around $0.37 and target resistance near $0.40.

Whale Activity and Potential Risks

Large traders, or whales, have reentered the market about five days prior to the token move. Average large order sizes appeared between $0.36 and $0.37. Yet, these whales seem primarily involved in selling. The Spot Taker Cumulative Volume Delta remains negative, consistent with a seller-dominated environment.

Whales likely returned to capitalize on gains after ONDO rebounded from $0.31. Continued selling by these players could erode market strength and heighten the risk of a pullback toward the 20-day EMA at $0.33.

This information is provided for educational purposes and does not constitute financial advice.