RWAs recently saw significant price increases just by being associated with BlackRock. This led to a frenzy, with many cryptocurrencies rapidly rising. Unlike the recent market downturn, ONDO, supported by individual investors, experienced a much milder decline.
ONDO Comments
ONDO’s price movement shows a different pattern compared to its peers. Generally, whales stabilize the market during panic, but for ONDO, individual investors played the savior role.
Recently, investors holding between 10 million and 100 million ONDO sold 132 million ONDO worth over $141 million. These sales were likely made to escape the ongoing market decline.
Despite these sales, the situation became more interesting. Individual investors responded to the whales’ move by creating a large buying wave, keeping the price relatively stable. Mid-term investors’ ONDO holdings visibly increased during these events.
Before the transactions, the total ONDO amount was 34%, which rose to 72% after all transactions. Meanwhile, short-term investors‘ ONDO holdings dropped from 53% to 22%.
In the end, ONDO did not experience a significant drop but rather went through a consolidation phase.
Future of ONDO Price
ONDO’s price showed a slowdown in decline, repeatedly testing the critical $1.07 level. Considering the altcoin‘s current price of $1.09, it’s not wrong to say whales might achieve this.
Despite the whale movements, individual investors’ efforts have so far prevented a significant drop, indicating that consolidation might continue for ONDO. However, a potential drop below the $1.07 support level could lead to a sharper decline, possibly pushing the price below $1.
