Ondo (ONDO) is experiencing bearish sentiment after failing to sustain its rally past the $0.47 mark. The altcoin's price dropped 4.78% alongside an 8.93% decline in Open Interest over the past 24 hours, indicating that speculators might be exiting the market. Despite a 12% weekly gain, the recent rejection at $0.47 has reinforced a bearish outlook. Technical indicators suggest a continuation of the bearish trend, with the price potentially targeting the $0.26 level, where it consolidated in late April. A significant movement of Ondo tokens worth $63.9 million to Coinbase by a team-linked wallet has added to the sell pressure. The cost basis distribution heatmap shows a supply of 161.7 million ONDO tokens in the $0.455-$0.470 range, supporting the bearish bias. Analysts suggest that a breach above $0.42 could invalidate the bearish setup, but the current trend points towards further declines.