Ondo (ONDO) token maintains an important support level at $0.87 since mid-July, despite challenging market conditions for altcoins.
Data Analysis of the ONDO Network
Santiment data indicates that the ONDO network has maintained stable growth and daily active addresses since late July, suggesting no significant network expansion or contraction—a positive sign amidst price fluctuations.
Buying Pressure Dynamics
Buying pressure has been noted from wallets holding up to 1 million ONDO. However, larger investors holding between 1 million to 100 million tokens have shown a slight reduction in numbers over the past ten days. Together with the stable age consumed metric, these factors could indicate some accumulation activity for ONDO.
Price Analysis Insights
Technical indicators suggest short-term bearish trends and seller-control risks, which could undermine the $0.87 support level. However, on-chain metrics provide a more positive outlook, highlighting robust fundamentals and persistent user interest.
Given the blend of cautious technical indicators and hopeful on-chain data, ONDO might represent a viable long-term investment, despite the risks associated with the current market conditions.
