Ondo Finance recently experienced a price adjustment despite its core business performing remarkably well. Behind this seemingly contradictory phenomenon lies a complex game of market supply pressure and institutional movements.

On the positive side, Ondo is showing strong momentum in the tokenization of real-world assets. The protocol's total value locked (TVL) has surpassed $2 billion, establishing its leading position in the rapidly growing RWA (Real-World Asset) sector. More notably, a total of $248 million in assets has been integrated into the Solana ecosystem, which not only enhances product accessibility but also opens new revenue channels for institutional investors. The recent Ondo Summit attracted heavyweight asset management firms such as BlackRock, JPMorgan Chase, and Fidelity. The participation of these traditional financial giants may indicate a promising outlook for institutional-grade ONDO products.

However, on the other hand, market pressures should not be underestimated. On January 18, approximately 19.4 million ONDO tokens, representing 19.4% of the total supply, will be unlocked, worth about $759.9 million. This scale could cause significant selling pressure on the price. More alarmingly, about 25 million ONDO tokens (over $10 million) have recently been transferred from Ondo's multi-signature wallet to five major exchanges. This transfer pattern often signals upcoming trading activity, suggesting that market participants may be preparing for a major move.

From a technical perspective, weak signals are also evident. In the past 24 hours, ONDO's price has fallen approximately 4.33%, with EMA indicators showing a clear bearish trend, and MACD continuing to decline. Price pressure, supply release, and technical factors are converging, making the recent trend more unpredictable.