Ondo Finance has experienced a significant increase in wallet activity following recent collaborations with both the DTCC and SBI Group. This surge indicates a growing interest in Ondo’s offerings as new developments unfold.
Increase in On-Chain Activity
According to data from Santiment Intelligence, the number of new addresses associated with Ondo Finance rose to 754 on July 16, marking approximately double the rate seen earlier in the month. Concurrently, daily active addresses surged from 1,410 to 2,589, demonstrating heightened engagement with the platform.
New Partnerships Enhance Market Positioning
Ondo Finance recently launched tokenized stock representations through the DTCC's tokenization infrastructure, enhancing its integration with traditional US financial systems. This move positions Ondo among notable players such as BlackRock and JPMorgan.
also the partnership with Japan’s SBI Group aims to facilitate the inclusion of Japanese equities on-chain. By leveraging SBI's distribution network, Ondo plans to explore the use of a yen-backed stablecoin for settlement purposes. CEO Ian De Bode emphasized that this collaboration is key for linking Japan with the global tokenized economy.
Price Dynamics and Market Outlook
As a result of increased on-chain activity, the price of ONDO has rebounded to approximately $0.37. Technical indicators point towards a bullish trend, with the RSI rising to 65. However, the Chaikin Money Flow (CMF) remains slightly negative, suggesting that buying pressure has yet to confirm a breakout.
To maintain momentum, ONDO must hold above the recent breakout area and aim to surpass the resistance zone between $0.38 and $0.40. Failure to achieve this could lead to a correction towards $0.35. Capital inflows will ultimately dictate the sustainability of this upward movement.
This material is informational and should not be construed as financial advice.
