RWA Market Leader O (ONDO) Has Been Experiencing Heavy Selling Pressure

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The crypto market has seen heightened volatility in recent times, with one token, Ondo Finance (ONDO), experiencing significant selling pressure. On-chain data from Glassnode reveals a notable shift in network activity, with new ONDO addresses surging by 390% in the past 24 hours.

This spike in new addresses suggests that interest in Ondo Finance is growing, even as price action remains weak. In the long run, increased network activity can be a precursor to stronger adoption, potentially setting up the price for recovery.

However, in the short term, the coming days will be crucial for ONDO's price trajectory. Investors are closely watching whether the surging network activity translates into renewed demand or if selling pressure will continue to weigh on price action.

ONDO Leads The RWA Market Despite VolatilityOn-chain data from Glassnode reveals a substantial spike in new ONDO addresses, surging 390% to reach 4,559 in the past 24 hours.

This surge in new addresses signals growing interest in Ondo Finance, despite the token's weak price action. Throughout 2024, ONDO has experienced significant volatility, losing over 40% of its value since the beginning of March.

The broader crypto market has also been struggling, with major tokens like Bitcoin and Ethereum facing strong resistance. In the past 72 hours, Bitcoin failed to break through the $70,000 resistance, remaining in a consolidation range.

According to on-chain analyst Ali Martinez, the new address activity could be a positive sign for ONDO in the long run. He shared on X: "On-chain data often provides valuable insights into an asset's market health and potential future performance."

Historically, surges in network adoption have been linked to bullish price trends. As more users engage with the protocol and contribute to the ecosystem, it can create positive feedback loops that drive token value over time.

Despite the current market downturn, which has seen fear dominate price action and investors hesitant to re-enter long positions, the fundamentals of Ondo Finance remain strong.

The project continues to expand by attracting institutional interest and securing its role as a key player in the growing real-world assets (RWA) sector. With institutional finance embracing blockchain solutions and network activity on the rise, ONDO remains a strong contender for future growth.

If market conditions turn favorable, Ondo Finance could emerge as one of the top performers in the next bull cycle, driven by its continued innovation and expanding ecosystem.

Bulls Monitor Key SupportONDO is currently trading at $0.83, having erased all gains from the post-election rally that began in November 2024. After months of steady growth, Ondo Finance has been caught in the broader market downturn, facing selling pressure and uncertainty as investors reassess risk.

For bulls to regain control, ONDO must hold above the $0.75 support level to establish a strong foundation for recovery. Consolidation at these levels could help stabilize price action. However, with the market still trending downward, this process may take longer than expected.

If buyers fail to hold $0.75, Ondo Finance could face further downside risks, extending its correction. However, if ONDO manages to stay above the $0.80 level, bulls must aim for a push toward $0.95, a key resistance level that could signal the start of a recovery phase.

With new address growth surging, indicating increased network activity, ONDO could be well-positioned for a rebound once market sentiment improves. For now, traders are watching whether ONDO can defend its support levels or if continued weakness will send it lower in the short term.