ONDO is having a pretty hard time right now, dropping 5% in the last 24 hours and a brutal 19% over the past month.

The critical $0.70 support level hasn't been breached since November 2024, but it's looking like it might ultimately give up the ghost.

And the reason? The whales are headed for the exits at a clip we haven’t really seen before.

Whales Are Voting With Their Wallets

Those whale addresses holding between 1-10 million ONDO initially pumped their bags from 188 to 195 between March 22-26.

But that accumulation phase didn't last—the wallet count has now dropped back to 191, and we all know what happens when whales start distributing.

It's the oldest story in crypto – when big money starts selling, retail is usually left holding the bags.

The price action is telling us these whales don't see an upside in the immediate future, and they're usually right.

RSI Bounce From The Grave

ONDO's RSI just bounced from a disastrous 27.5 to a slightly less terrible 34.

Just two days ago, it was sitting comfortably at 54.39 – that's how fast the sentiment flipped on this one.

For a refresher, recall that an RSI below 30 means oversold, above 70 means overbought, and ONDO was deeply oversold before this tiny relief bounce.

The problem is that we need to see the RSI push above 40 or even 50 before bulls can feel any real confidence.

The Charts Don't Lie

Like a technical analysis textbook example, the EMA lines are stacked in a perfect bearish formation.

ONDO needs to hold that $0.73 level, or we'll be heading straight to sub-$0.70 territory for the first time since Q4.

To even consider recovery, bulls need to reclaim $0.82 first, then eye those $0.90 and $0.95 levels – but breaking above $1 seems like fantasy territory until the entire RWA narrative suddenly catches fire again.

Getting Left Behind By Rivals

While ONDO bleeds, Chainlink and Mantra are eating its lunch in the RWA space.

With a market cap of around $2.5 billion, ONDO is a small fish swimming with sharks.

If whales decide ONDO is cheap enough to start accumulating again, the price could stabilize around current levels.

But if that $0.73 support breaks, expect a cascade of stop losses that could send us to the $0.65-$0.68 range faster than you can say "long liquidation."

Long-term hopium still has ONDO hitting $1-3 by late 2025, but that's starting to look like pure copium right now.

Smart money is sitting on the sidelines, waiting for a clear trend reversal before jumping back in.

And honestly, maybe we should do the same.