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- ONDO price holds $0.87 despite bearish market structure.
- On-chain data shows accumulation and network stability.
- SOPR suggests undervaluation, but risks remain high.
Ondo (ONDO), the governance token of the Ondo DAO, has been consolidating at the critical $0.87 support level since mid-July. While Bitcoin (BTC) and Ethereum (ETH) struggle to establish a clear trend, ONDO’s performance reflects broader market weakness but also hints at potential undervaluation.
ONDO Price Struggles as Sellers Dominate
The ONDO daily chart shows a bearish structure with consistent lower highs over the past three weeks. Additionally, the Chaikin Money Flow (CMF) dipped well below the -0.05 threshold, signaling heavy capital outflows and seller dominance. If selling pressure persists, the token risks breaking below the $0.87 zone, which has so far held as a critical support level.
Network Activity Offers Stability
Despite bearish technicals, on-chain data from Santiment paints a more balanced picture. ONDO’s network growth and daily active addresses have remained steady since late July, showing neither expansion nor decline. The “age consumed” metric also remained quiet, suggesting that long-dormant tokens have not been moved in bulk. Typically, a surge in this metric precedes major sell-offs, so the lack of movement here is an encouraging sign for bulls.
Accumulation Signals and SOPR Insights
Supply distribution data indicates small to mid-size wallets (holding up to 1 million ONDO) have been steadily accumulating, while larger wallets slightly reduced holdings in recent days. Combined with stable age-consumed levels, this suggests some retail confidence.
Meanwhile, Glassnode data shows ONDO’s Spent Output Profit Ratio (SOPR) at 0.98, below the neutral value of 1. This implies most holders are at a loss, but such conditions are often seen as a buying opportunity, signaling potential undervaluation
ONDO’s price remains at a crucial crossroads. While technicals show weakness and risk of breakdown, on-chain indicators suggest steady accumulation and undervaluation. If Bitcoin and Ethereum regain bullish momentum, ONDO could benefit, but traders must remain cautious of further downside.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Ondo Finance Launches 100+ Tokenized U.S. Stocks & ETFs
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