If you don’t need everything synced, all the time, unsync can be used to reduce the drive space used: https://docs.odrive.com/docs/manage-disk-space#unsync-old-files
You can even set auto-unsync rules to automatically unsync any files that have not been modified within a certain period of time: https://docs.odrive.com/docs/manage-disk-space#configure-auto-unsync
Unsync will clear the disk space by replacing the selected files with placeholder files, which represent the remote files but take up no disk space on your computer.
I would suggest trying to use unsync to free up disk space, before trying to move any folders. Auto-unsync should allow you to free up disk space for all of the items that you do not need immediate access to and is basically a "set-it-and-forget-it " configuration option.
It is possible to move the odrive folder to another location using the “Move odrive folder” function. https://docs.odrive.com/docs/odrive-usage-guide#move-odrive-folder-to-another-volume
Moving the folder will create a brand new folder in the new location and leave the old one in its current location, so you will need to sync the contents down again if you go this route.
We don’t officially support moving the folder to an external drive because it can cause some performance issues, but it can be done with success, depending on your use case and usage patterns.
Our supported method is using “sync to odrive” to map a local folder to a remote location: https://docs.odrive.com/docs/manage-sync#syncing-external-drives-sync-to-odrive