The analysis on Ondo Finance (ONDO) begins by acknowledging a prolonged bearish trend since early October, noting a 60% decline. While acknowledging the market's overall bearish conditions and significant token unlocks scheduled for January 2026, which negatively impact long-term sentiment due to dilution, the presenter identifies a short-term opportunity for bullish momentum. Key technical observations include ONDO hitting a strong support level at $0.37, with further historical support at $0.31 and $0.30 from 2024 price action. Bullish divergences are noted on the charts, suggesting a potential for mean reversion. The strategy hinges on a lower timeframe structure break, specifically a move above the 7-day rolling VWAP and the 50 EMA on the 4-hour timeframe. The primary short-term target for this bullish reversal is identified as the liquidity gap between $0.42 and $0.44, which also aligns with the monthly VWAP. This anticipated price movement is expected to unfold over the next couple of weeks. Long-term, the token unlock schedule in January 2026, which increases circulating supply from 3.4 billion to 5.3 billion ONDO, is considered a significant bearish factor, leading to a long-term bearish outlook despite the protocol's growing Total Value Locked (TVL) nearing $2 billion.