The token holder’s balance of Upbit exchange on blockchain explorer, specifically highlighting a substantial holding of 255,868,438.556 ONDO tokens, valued at $304,483,441.88. Can ONDO price benefit from this?
The aforementioned accumulation represented about 2.5587% of the total token supply. The significant investment suggests a deepening market confidence in ONDO, likely influencing its price dynamics positively.
The concentrated accumulation by a single entity might indicated insider confidence or strategic positioning, potentially driving speculative interest and liquidity in the token.
As large holders continue to dominate the market as especially exchange wallets, it could lead to increased volatility with sharp price movements.
This situation provides an essential insight for investors about the potential influence of major holders on market trends and price stability.
This analysis illustrates how significant holdings can impact token economics, influencing both short-term price movements and long-term market sentiment.
– Advertisement –
ONDO Price Action and Prediction
Analyst Michael van de Poppe noted that, with RWA integrating TradFi into DeFi, ONDO had made notable strides in this area, managing over $600 Million in total value locked and establishing partnerships with major firms like BlackRock, PayPal, and Wellington.
Tokenizing of public securities and funds tapped into a vast market potential. Amid recent market downturns, there was a growing interest in expanding RWA holdings within portfolios, with ONDO being a focal point for investment consideration.
The importance of merging TradFi with Web 3.0 is often overlooked, yet ONDO’s significant partnerships enhance its protocol and market position, suggesting a promising avenue for future growth and integration.
Looking into the price action shows that ONDO presented a significant buy opportunity as the price neared a vital support zone around $1.17.
The demand zone could trigger rebounds, indicating a potential upturn. With the price now at $1.1792 and stabilizing around this level, it is a crucial moment for potential buyers.
The descending price action from a recent high of $2.30 highlighted the market’s volatility but also underscored the resilience at lower price bands.
Given Upbit’s accumulation, the inflow could drive the price past critical resistance points. If Upbit’s investment strategy persists, it could help ONDO challenge the $5 mark within the year.
The market’s response to this accumulation will be pivotal in defining ONDO‘s trajectory. Monitoring the $1.17 to $0.9949 zone closely is needed, as movements within this range could likely dictate short to mid-term price actions.
This consolidation phase could very well be the prelude to a more substantial bullish trend, contingent on sustained buyer interest and broader market conditions.
ONDO’s active addresses profitability
Finally, 69.44% of ONDO addresses have been profitable, as indicated by “In the Money” area on the chart. This dominant presence of profitable addresses suggested strong investor confidence.
In contrast, 22.16% of addresses were “Out of the Money,” experiencing losses. The remaining 8.40% were “At the Money,” balancing at the breakeven price point.
This distribution implied that the majority of holders could potentially sell for a profit, increasing supply pressure on the market.
This scenario could stabilize or depress prices unless new buying interest emerges. This balance of profit-taking and buying pressure will dictate the short-term price trajectory for ONDO.
