ONDO Eyes $2.80: Is the Failed Breakout Just a Setup?

ONDO holds key support at $0.979 as bearish patterns start forming.

Whales accumulate heavily despite failed breakout, signaling long-term bullish interest.

Price must reclaim $1.13 to restart momentum toward the $2.80 target.

Ondo Finance — ONDO, has given traders a glimmer of hope. After months of slow grinding, the token finally broke through resistance. Excitement surged. But within three days, it all came crashing down. A powerful red engulfing candle erased all recent gains, flipping sentiment from bullish to cautious. Confidence slipped as ONDO dropped back near $1. In the last 24 hours, the token fell by 0.35%, and trading volume plunged 25% according to CoinMarketCap. Momentum faded fast, and so did retail interest. But is this just a trap before a bigger move?

Support Holds Tight, But Bears Loom

Technical indicators now put all eyes on $0.979. This level is acting as a critical support zone. Both the daily and four-hour charts show ONDO clinging to this area. Losing this support could open the door to sharper downside, especially with a bearish head and shoulders pattern forming on lower time frames. That neckline at $0.979 could trigger a drop if broken, repeating past price cycles that began with a fake rally.

On the other hand, bulls need to regain $1.13 to signal strength. That’s the resistance ONDO must reclaim to restart upward momentum. Without it, any bounce could be short-lived. Adding more pressure, ONDO now trades below the 50-day EMA on the daily chart. This puts the token in a clear downtrend, at least in the short term. Price needs to break back above this level to show buyers are returning.

Whales Accumulate as Retail Pulls Back

While charts turn red, whale wallets are getting busier. In the past 24 hours alone, $1.7 million worth of ONDO left exchanges. That kind of outflow suggests long-term holders are accumulating during this dip. This silent accumulation contrasts sharply with fading retail interest, hinting at a potential setup. On-chain data supports this theory. Transactions between $100K and $1 million have doubled recently. Mid-sized trades between $10K and $100K are up 125%.

These spikes aren’t random. Large holders tend to move strategically. When they show up during price weakness, it often points to quiet accumulation rather than panic selling. Adding fuel to the speculation, a well-followed analyst on X predicted a move to $2.80. The post gained traction as some investors began questioning whether the failed breakout was just bait. If market sentiment flips and ONDO climbs above $1.13, a bigger rally could begin.

Right now, the setup feels like a standoff between doubt and quiet conviction. ONDO trades near a crucial support at $0.979 with bearish signs growing across time frames. Despite the failed breakout, whale accumulation and bold predictions suggest hidden strength. A break above $1.13 may restart momentum and target $2.80 in the coming weeks. Retail may have pulled back, but the whales haven’t gone anywhere.