Looking at ONDO's situation, a large-scale unlock is coming this Tuesday, with 194 million tokens releasing, accounting for 134% of the circulating supply, equivalent to $530 million. This volume is truly significant.

We experienced a similar event in January, when the unlock was smaller ($737 million), and the price dropped by 25% immediately. Back then, the TVL also hit a new high of $2.63 billion, but the current situation is even more fragile—monthly active users are only 3.5 million, and the long-position ratio of 1.83 is already quite crowded. Plus, recent unlocks of ARB and ZK, along with the upcoming FOMC meeting minutes, mean the market has little buffer space.

From a technical perspective, $0.27 is a critical level. If it can't hold, the next support is at $0.24. The position signals indicate the market is digesting this pressure, but how long it can sustain is uncertain. This unlock risk is indeed worth paying close attention to.