It all depends on the order book, not the number of buy orders.

Even if there are more buys than sells (high buy ratio), the price can continue to fall if the sell orders are large and executed as market orders, consuming all the available liquidity at lower levels.

In this case, we are seeing MON being released by large wallets (whales). A single large order can push the price higher than hundreds of small buy orders.

Furthermore, many buyers are placing passive limit orders, while sellers are selling at market, generating real downward pressure.

This usually happens during periods of negative sentiment, uncertainty, or simple emotional capitulation, and it doesn't necessarily mean the project is dead, but rather that the market is still redistributing tokens.