ONDO price falls 3% as holders surge 93% to 450,000, technical pressure grows

Technical picture and momentum signals

Currently, ONDO trades near $0.34807 after slipping 3.24%. The token has dipped below its 20-day simple moving average (SMA) at $0.36386, signaling weakened short-term momentum. The price now approaches the lower Bollinger Band around $0.33536, a potential key support. Should the price drop below this area with sustained selling, ONDO risks further downside toward the $0.30000 range.

Earlier in September, ONDO faced resistance at $0.39000. Repeated failure to breach this level has left sellers in control and put the immediate bullish case under pressure. For technical strength to return, analysts highlight the need for ONDO to reclaim the 20-day SMA and mount another attempt at the $0.39000 mark.

Technical indicators also give reason for caution. The MACD line stands at 0.00193, trailing the Signal line at 0.00209. This generates a negative histogram reading of -0.00017, reflecting continued weakening in buying momentum.

Red histogram bars on the MACD continue to grow, highlighting subdued bullish activity. While analysts such as LAR maintain a bullish outlook for ONDO in the longer term and expect the token to push toward $0.90, they note that ONDO must first clear several technical hurdles.

LAR views the recent pullback as a chance for accumulation, noting that, “It is likely that weak hands are being pushed out before the token continues its broader upward trend.”

A convincing rally above the 20-day SMA could be the first signal that the current correction phase is fading, but traders are closely watching the $0.33536 support for signs of renewed stability.

Derivatives market shifts

CoinGlass data reveals a decrease in derivatives trading activity around ONDO. Over the last 24 hours, trading volume in derivatives has fallen by 16.67% to $213.61 million. Open interest has edged down by 1.51% to $222.77 million, suggesting many existing positions remain, but short-term participation has thinned.

This combination of lower volume and persistent open interest implies that market participants may be awaiting a key breakout before increasing their activity. An upward price move accompanied by renewed volume would likely confirm a stronger market shift, compared to any rally that lacks broad participation.

Ondo Finance stands out as a provider of blockchain-based financial infrastructure for tokenizing traditional assets, including stocks, exchange-traded funds (ETFs), and US Treasuries.

Mini dictionary: Ondo Finance, a decentralized finance protocol specializing in the tokenization of real-world assets (RWAs), enabling users to gain exposure to traditional investment products on the blockchain.

Adoption and user growth

Even as price action remains pressured, user adoption in the Ondo ecosystem has accelerated. Ondo Finance reported that the number of holders of its tokenized assets—spanning stocks, ETFs, and Treasury products—has climbed by 93% within 30 days, reaching nearly 450,000.

The company stated, “Every new holder marks another step toward markets that are global, open, and onchain.”

This surge points to growing demand for onchain tokenized financial instruments, even if the impact on ONDO’s price has not yet materialized.

Analysts suggest that while rapid growth in adoption helps strengthen ONDO’s long-term fundamentals, it may take time before this translates into positive price action.

In the near term, ONDO remains caught between short-term bearish forces and improving fundamentals. The $0.33536 Bollinger Band support and $0.36386 20-day SMA now serve as critical technical reference points, while broader adoption continues to climb within the Ondo ecosystem.