Ondo Finance token slips 5.3% as the crypto sell-off spreads

Ondo Finance ($ONDO) traded at $0.467 at 5:36 p.m. ET on Oct. 7, down 5.3% in 24 hours as Bitcoin, Ether and Solana also fell.

The quick take

Price: $ONDO traded at $0.467 at 5:36 p.m. ET, down 5.3% in 24 hours, per CoinGecko.
Trigger: A two-hour overnight slide, as Bitcoin, Ether and Solana also fell. No Ondo Finance announcement came with it.
Watch: Whether the token stays above its 24-hour low of $0.460.

What happened

The Ondo Finance token slips 5.3% in a day as the crypto market turns lower. Ondo Finance ($ONDO) traded at $0.467 at 5:36 p.m. ET on Wednesday, Oct. 7, according to CoinGecko.

LiveCoinWatch showed a close reading: $0.469 and a 4.9% daily loss at 5:41 p.m. ET. Over 24 hours, the token moved between $0.460 and $0.494, per CoinGecko.

Trading stayed active. CoinGecko counted $193 million in 24-hour volume, against a market value of $2.28 billion.

Why it moved

Most of the loss came in one short stretch. On Binance’s ONDO/USDT pair, the hourly close fell from $0.493 to $0.468 late Tuesday evening ET, a drop of 5.1% in about two hours.

After that, the price settled. Hourly closes on the same pair stayed between $0.463 and $0.474 for the rest of Wednesday.

The slide matched a wider pullback. Bitcoin ($BTC) fell 2.6% and Ether ($ETH) 4.7% in 24 hours, per LiveCoinWatch at 5:41 p.m. ET. Solana ($SOL) dropped 4.4%, per CoinGecko.

Ondo Finance’s blog shows no new post since Oct. 5, when it introduced Ondo Private Markets. A project-specific cause for the drop is not confirmed.

What to watch next

The first level to watch is the 24-hour low of $0.460. A close below it would extend the slide past Wednesday’s range.

The longer view is mixed. $ONDO is up 21% over 30 days, per CoinGecko, though it sits 78% below its record high of $2.14 from Dec. 15, 2024.

Also watch Bitcoin and Ether. $ONDO moved in step with both on Wednesday.

Bottom line: $ONDO’s 5.3% daily drop came with a broad market slide, not a project announcement, and the token still holds a 21% gain over 30 days.

Price data: CoinGecko.