Ondo wallet activity surges after DTCC, SBI deals as ONDO eyes $0.38

Activity around Ondo Finance [ONDO] is picking up! This is happening in tandem with its new infrastructure and partnerships, so it looks like good days are ahead. Here’s the latest.

Ondo Finance’s on-chain activity shoots up Per Santiment Intelligence, new addresses have increased for three straight days. The metric hit 754 on July 16; that’s about twice the pace seen earlier in the month. Daily active addresses also followed the pattern, going from 1,410 to 2,589 over the same period.

AD Source: Santiment Intelligence The key inference here, is that new developments have attracted attention to the platform. Ondo recently launched tokenized stock representations using entitlements generated through DTCC’s tokenization infrastructure. This connects its products more closely with the systems used in traditional US markets.

The company stated that with this, they’re joining a select club of leading TradFi and DeFi firms. Some of the other well known names include BlackRock, JPMorgan, Goldman Sachs, Nasdaq, and the NYSE. It also partnered with Japan’s SBI Group to bring Japanese equities onchain.

The aim is to distribute Ondo products through SBI’s network and explore the use of a yen-backed stablecoin for settlement. About the same, Ian De Bode, CEO, Ondo Finance, said, This collaboration creates a path to bring Japanese assets onchain and to connect Japan with the global tokenized economy. A test at $0.

38 On-chain activity has helped ONDO recover to $0.37, but the next move will be interesting. RSI has risen to 65, so it’s bullish while still outside overbought territory.

However, CMF was still slightly negative, so the buying pressure hasn’t confirmed a price breakout. Source: TradingView ONDO now needs to hold above the recent breakout area and push through the $0.38-$0.

40 zone to keep the rally going. A failure to do so could bring a pullback toward $0.35.

Capital inflows will decide whether the move lasts. Final Summary Ondo’s new and active wallet addresses climbed sharply following its DTCC and SBI announcements. ONDO now faces key resistance around $0.

38-$0.40 as traders watch whether rising on-chain activity translates into sustained buying pressure. AD On-chain activity has helped ONDO recover to $0.

37, but the next move will be interesting. RSI has risen to 65, so it’s bullish while still outside overbought territory. However, CMF was still slightly negative, so the buying pressure hasn’t confirmed a price breakout.

Source: TradingView ONDO now needs to hold above the recent breakout area and push through the $0.38-$0.40 zone to keep the rally going.

A failure to do so could bring a pullback toward $0.35. Capital inflows will decide whether the move lasts.

Final Summary Ondo’s new and active wallet addresses climbed sharply following its DTCC and SBI announcements. ONDO now faces key resistance around $0.38-$0.

40 as traders watch whether rising on-chain activity translates into sustained buying pressure. On-chain activity has helped ONDO recover to $0.37, but the next move will be interesting.

RSI has risen to 65, so it’s bullish while still outside overbought territory. However, CMF was still slightly negative, so the buying pressure hasn’t confirmed a price breakout. Source: TradingView ONDO now needs to hold above the recent breakout area and push through the $0.

38-$0.40 zone to keep the rally going. A failure to do so could bring a pullback toward $0.

35. Capital inflows will decide whether the move lasts. Final Summary Ondo’s new and active wallet addresses climbed sharply following its DTCC and SBI announcements.

ONDO now faces key resistance around $0.38-$0.40 as traders watch whether rising on-chain activity translates into sustained buying pressure.

AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers. We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.