Key Takeaways
ONDO broke $1 as volume hit $408 million, Buy/Sell Delta favored buyers, and Active Addresses jumped. With RSI strengthening, can bulls defend $1.10 against profit-taking pressure?
Ondo Finance [ONDO] staged a substantial uptick, breaking out of a month-long downtrend. In fact, the altcoin surged 10.08% to a local high of $1.06 before retracing to $1.01 at press time.
During the same window, trading volume jumped 125% to $408 million, signaling renewed on-chain demand and stronger capital inflows.
Even so, the question lingers: is this a sustainable rally or a short-lived bounce?
ONDO buyers reclaim the tape
After weeks of seller dominance, ONDO buyers returned to the Spot market on the 10th of September to accumulate it.
Source: Coinalyze
According to Coinalyze, ONDO posted $33.5 million in Buy Volume versus $29.7 million in Sell Volume, at press time. This left a Buy/Sell Delta of 3.15 million, a clear sign of aggressive spot accumulation.
That buying pressure aligned with signs of recovery in on-chain activity.
On-chain network activity rebounds
Significantly, as the market rebounded, ONDO network activity surged as well. It showed growing adoption, transaction activity and strengthening fundamentals.
Source: Santiment
According to Santiment, the altcoin’s Price DAA Divergence spiked to 105.5%, confirming the recent price move was backed by demand.
At the same time, ONDO’s Active Addresses (24hrs) bounced from 1.8k to 2.5k at press time. Such a spike in active users indicated strong network participation.
Source: Santiment
Typically, when these two rise in tandem, it usually means price is rising with real network usage, a setup that historically supported higher valuations.
Scarcity thins out
Unsurprisingly, after ONDO broke out, investors who had been underwater turned to cash out. As such, the altcoin’s supply available for immediate selling rose significantly.
Source: Santiment
According to Santiment data, the Stock to Flow Ratio dipped to 12.22, as of writing, indicating rising supply and shrinking scarcity.
Historically, increased supply on exchanges has preceded lower prices, as investors turn to selling, causing downward pressure on an asset.
Can the ONDO Bulls hold on?
According to AMBCrypto’s analysis, ONDO broke out as buyers returned to the market, while on-chain demand recovered.
Source: TradingView
For that reason, the altcoin’s Relative Strength Index (RSI) climbed from 49 to 59, at press time, leaning into bullish territory. Also, the Relative Vigor Index (RVGI) printed 0.089, another marker of strengthening momentum.
Given current market conditions, ONDO appears well-positioned for further price gains.
If the recent surge in on-chain demand continues, the token could extend its uptrend, break through the $1.10 resistance, and potentially target $1.15.
However, profit-taking remains a key risk. If sellers begin to outweigh buyers, ONDO’s price may retreat toward the $0.89 support level, signaling a short-term pullback.
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