10 February ONDO Price Outlook: Tackling Security and DeFi Integration for Tokenized RWAs
The Ondo Chain, a specially designed Layer-1 network for institutional-grade RWAs, was unveiled by Ondo Finance (ONDO). The chain is intended to address issues that tokenized RWAs encounter, including insufficient network and protocol security and incompatibility with DeFi. Investors now have new hope as a result of the news announcement and the RWA sector’s increasing optimistic performance. To find out if the coin is undervalued, AMBCrypto looked at on-chain activities.
On-Chain Activity Surges: Rising Wallet Counts Point to Renewed Network Growth
On the charts, the number of wallets with specified holdings has been increasing. Whale accumulation is typically indicated by a rise in the number of whale addresses as retail investors sell out. Increased network activity, demand, and accumulation are all indicators of growing cohort numbers. This is encouraging for the chain and its investors and highlights the revitalized expansion of the network.
Since early January, there has been an upward trend in the daily active addresses measure, which supports the notion of increasing on-chain activity. Network expansion has also accelerated. This indicator counts how many new addresses are added to the network every day. Over the last three weeks, the volume of transactions has plateaued, but the other activity metrics showed promise.
On-chain activity and social metrics were also rising. From early January onward, the social volume has been increasing. The previous three weeks have likewise seen a largely positive shift in the weighted sentiment. In contrast to last month, the open interest has decreased a little over the last ten days. A portion of this decline might be ascribed to traders opting to remain sidelined after the February volatility increase, as well as liquidations from the heavy losses on February 3.
ONDO Outperforms Mid-Cap Altcoins: What’s Next for the Bulls?
Over the last six weeks, ONDO bulls have successfully defended the 61.8% retracement mark around $1.8, which was projected based on the November rise. The price has not dropped to new lows in the last month, despite the CMF signaling significant capital withdrawals. It highlighted Ondo‘s comparatively strong success in comparison to other altcoins with mid-to-large capitalizations. In the upcoming weeks, the bulls may benefit from this relative strength, according to AMBCrypto.
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