Pantera Capital, a major investor in ONDO, returned after three months of dormancy and moved assets to exchanges. Arkham data showed that Pantera Capital’s wallet moved 83.9 million ONDO tokens worth $22.11 million.
Previously, the address received 34.28 million ONDO, worth $42.52 million, from Ondo’s project party multisig address.
After receiving these tokens, they were then transferred to Coinbase Prime in batches. This suggests the transfer is likely in preparation for a sale.
Traditionally, selling from major market players has preceded asset price weakness. Thus, if these tokens are sold, as the previous pattern suggests, it will likely further weaken ONDO’s price action.
ONDO shows recovering demand
Despite the Pantera Capital transfers, the Ondo Protocol has shown potentially recovering demand-side activity.
According to DefiLlama data, the network capital flows flipped from negative to positive. As a result, USD inflows jumped from -$9.3 million to $9.58 million, marking a gain of over 203%.
Usually, when capital inflows turn positive, it suggests higher deposits into the protocol, a clear sign of demand.
Interestingly, this demand was also observed on exchanges. On Binance, for example, buyers displaced sellers over the past 24 hours, according to Coinalyze data.
ONDO saw 11.5 million in buy volume compared to 10.9 million in sell volume. This left the market with a positive delta of 600k, a clear sign of spot accumulation.
Historically, higher spot demand has helped absorb pressure, thereby reducing supply and, in turn, strengthening upside momentum.
The altcoin remains range-bound
Despite the recent transfers, the market remained calm, and Ondo Finance [ONDO] continued to trade sideways. As such, the news had little to no impact on the altcoin’s price action.
Even more so, the altcoin has continued to show relative stability, with prices stuck between $0.25 and $0.26. Amid this consolidation, buyers have largely dominated the market.
For starters, the Bulls v. Bears indicator has remained green throughout and is currently holding at 25. This suggests that while bullish momentum is not strong enough to inspire a rally, it’s stronger than bearishness.
The Relative Strength Index (RSI) further validates these market conditions. The RSI was 51 at press time, having hovered around this level for two weeks, suggesting relatively stable demand.
These indicators suggest that ONDO is likely to continue its sideways movement, with $0.28 as upper resistance. However, if the market negatively feels the recent token transfers, the altcoin could slip below $0.25 and seek support at $0.24.
Final Summary
- Pantera Capital’s wallet moved 83.9 million tokens, worth $22.11 million, after three months of dormancy.
- ONDO remains stuck within a tight range, trading between $0.25 and $0.26.
Credit: Source link