Looking at the Asks orderbook size (46k onions), seems like the weak hands are folding.

Yeah it seems like. I hope they get burned that much and will cry in some weeks.
That's perfectly OK by me! Let the weak hands fold on Onions, if they can't see the value in having a private coin where IP address is masked from end to end, it's their loss.
Personally I'd rather see the price drop a little bit lower so I can accumulate some :-)