Ondo Finance (ONDO) Price Prediction 2023-2024: Will the ONDO Rally Continue?

Ondo Finance [ONDO] maintained its bullish sentiment at press time, gaining 46.43% over the past month and posting a 1.69% increase in the last 24 hours.

Cryptocurrency AMBCrypto has reported that Ondo Finance [ONDO] has seen a 46.43% gain over the past month and a 1.69% increase in the last 24 hours, maintaining its bullish momentum at press time.

However, a divergence has been noted between the recent price gains and the weakening interest, suggesting a potential trend reversal.

Here's a summary of ONDO's current performance and what investors can expect, according to AMBCrypto's analysis.

Binance has reportedly acquired 174.22 ETH (around $596,415.56) of ONDO over the past five days, according to X.

This acquisition was made in two separate transactions, with Binance's hot and cold wallets being used to transfer the ONDO tokens.

In total, Binance now holds 571,827 ONDO tokens.

Such large-scale acquisitions usually indicate increasing institutional interest in a cryptocurrency.

In this case, major players may be accumulating ONDO ahead of a potential rally.

However, the analysis also showed a contrasting trend, with derivative traders actively selling ONDO.

This signals a potential divergence in market sentiment toward the asset.

At the time of writing, bearish sentiment seemed to be brewing, diverging from the bullish undertone set by large-scale accumulation.

The OI-Weighted Funding Rate provides a clearer perspective on market sentiment by adjusting the Funding Rate based on Open Interest (OI).

A positive rate indicates a bullish market with dominant longs, while a negative rate reflects a bearish market led by shorts.

ondo funding rate

Source: Coinglass

As evident from the above chart, ONDO's Funding Rate has been gradually declining and has entered the negative territory, with a reading of 0.0251%, showing increasing bearish pressure.

According to the analysis, long liquidation data revealed an unfavorable market condition for long traders who aligned with the accumulation trends of larger investors.

A total of $538,610 in long positions were forcibly liquidated, suggesting that downward momentum may continue to steer ONDO's price lower.

Meanwhile, AMBCrypto observed a substantial increase in short contracts as the market sentiment shifted toward bearishness.

According to Coinglass, the press time long-to-short ratio was less than 1 (0.8734), indicating a higher presence of short contracts.

This suggested a market preference for shorts.

If the trend of opening more short contracts continues, it could further drive down ONDO's price, delaying any potential rally and pushing the asset further from its current level.