ONDO is currently experiencing a bearish trend, driven by recent token unlocks that increased its circulating supply. Despite the project's strong fundamentals and Total Value Locked (TVL) being at all-time highs, the token's price is not linked to these fundamentals, suggesting it may be overvalued. Analysis of order flow shows no significant indication of an impending short squeeze, as funding rates are not excessively negative, and the Cumulative Volume Delta (CVD) is also making lower lows in conjunction with price. The immediate resistance is at 37 cents. The price is likely to continue its downward trajectory to test the next major support level at 30 cents, with potential further drops into the 21-25 cent range if passive buying does not materialize.