Ondo Finance Sees Growth

Ondo Finance saw increased activity and network growth over the past month, with its price action being relatively strong compared to other altcoins.

Ondo Chain Announcement

Ondo Finance (ONDO) has announced the launch of the Ondo Chain, a purpose-built Layer-1 chain for institutional-grade Real-World Assets (RWAs). This chain aims to address challenges related to tokenized RWAs, such as DeFi incompatibility and safety shortcomings in networks and protocols.

Positive sentiment surrounding this announcement, coupled with bullish performance in the RWA sector, has renewed investor confidence. AMBCrypto analyzed on-chain activity to evaluate whether the ONDO token is undervalued.

High Activity and Steady Growth Signals

Increasing wallet activity is noted, particularly among whale addresses, while smaller holders are selling off. This trend signifies higher accumulation and network demand, indicating rejuvenated growth for the chain and its investors.

Daily active addresses have seen a rise since early January, suggesting an uptick in on-chain activity, even as transaction volume has plateaued recently. Encouragingly, social metrics also show growth, with Social Volume and Weighted Sentiment trending positively since January.

Despite Open Interest slightly decreasing over the last ten days, which may be linked to earlier liquidations and trader caution following volatility, overall activity remains optimistic.

Price Performance and Support Levels

ONDO bulls have successfully defended the 61.8% retracement level at $1.80 over six weeks. Despite signs of capital outflows, prices have not reached new lows, showcasing Ondo’s relatively strong performance among mid-to-large cap altcoins.

With a price range formation between $1.18 and $1.60, consistent demand could lead to an uptrend if market sentiment stabilizes.

> Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.