- ONDO dropped 5.17% to $1.02, yet 24-hour trading volume increased by 5.87% to $438.52 million.
- Open interest surged to nearly $600M by July 23, maintaining correlation with bullish price momentum.
- Technical analysis sets bullish targets at $3.80 and $6.50, with key support near $1.00 and $0.50–$0.77 buy zone.
Ondo, a cryptocurrency and a DeFi platform that focuses on RWAs and bridging the gap between traditional finance (TradFi) and the DeFi space, has reported a promising market trend in its price action. During today’s Asian trading session, the asset opened the market with a price value of $1.0105, which has not changed much but has participated in a 5% price dip in the last 24 hours. However, many market watchers have hinted at a possible breakout that will register new price levels.
ONDO Dips 5% as Open Interest Remains Strong
Tracking the ongoing price action at the time of writing, CoinMarketCap data indicates that Ondo (ONDO) traded at $1.02, dropping 5.17%. The market cap reached $3.22 billion, while 24-hour trading volume increased by 5.87% to $438.52 million. The Fully Diluted Valuation stood at $10.2 billion, and the unlocked market cap totaled $4.93 billion.
Total value locked (TVL) was reported at $1.38 billion, with a market cap to TVL ratio of 2.3. The price chart showed a sharp dip to around $0.93 before a slight recovery toward $1.01 by the end. Despite the price dip, ONDO has remained bullish for the last month, which relates to it increasing open interest. Coinglass data reveals that ONDO’s future history has remained positive, increasing steadily from November to mid-January, reaching a peak of around $600 million.
The market then saw a decline through March, with open interest dropping below $200 million. A gradual rise began in late April, pushing interest above $300 million by mid-May. After short-term fluctuations in June, interest gained momentum again in early July. By July 23, open interest approached $600 million, nearing previous highs. The ONDO price trend followed similar movements, maintaining correlation with open interest.
ONDO Maintains Bullish Structure with $3.80 Target in Sight
ONDO has formed a higher low, maintaining its bullish market structure since the 2023 bottom. The chart identifies a conservative price target near $3.80, aligning with the 1.618 Fibonacci level. A breakout above the diagonal resistance trendline could push the price toward $6.50.
The projected zone between $6.50 and $13.00 is marked as the take-profit zone. Short-lived acceleration is expected if price momentum exceeds the conservative breakout target. A reversal into a bear trend is projected beyond the upper resistance, with potential pullbacks below $1.00. The previous buy zone ranged between $0.50 and $0.77. Overall, the chart maps higher highs and lows in a continued uptrend from late 2023 into 2025.
