- The large increase in newly created addresses signals rising user adoption while creating potential demand forces that enhance price values.
- Recent market volatility has not diminished the buying pressure which has caused the token to surpass both Bitcoin and Ethereum price performance.
- Market cooling is indicated by decreasing speculative trades although a bullish trend might move ONDO toward $1.50.
A sharp increase in the number of new ONDO wallet addresses has raised speculation about a potential price movement for the cryptocurrency. Over the past 24 hours, the number of new addresses surged by 390%, jumping from 935 to 4,559. This significant growth in new participants suggests increasing interest and potential demand for ONDO tokens, a factor that could influence market trends in the near term.
New $ONDO addresses just surged 390% in 24 hours, jumping from 935 to 4,559! pic.twitter.com/vAnrjiAplS
— Ali (@ali_charts) March 12, 2025
ONDO Soars 10.02% Amid Rising Adoption
The number of new wallet addresses points toward future user adoption since trading acceleration or new investor participation might drive the rise in addresses. New wallet address creation has demonstrated historical patterns of preceding price gains because rising consumer demand can drive market value upward.
ONDO is currently trading at $0.8819, reflecting a 10.02% increase over the last 24 hours.The token shows volatility through its price range movement of $0.783 to $0.8909 throughout this period. Market data shows ONDO performing well against both Bitcoin and Ethereum by rising 8.0% and 9.8%. The rising value of ONDO token shows robust market demand potentially influenced by the growth of new wallets.
ONDO’s Future Open Interest Drops but Eyes $1.50 Recovery
The ONDO Futures Open Interest indicators show a strong correlation, with open interest increasing as price rises, indicating growing speculative activity.During mid-December ONDO price soared to $2.10 and open interest reached about $700 million at the same time. The subsequent metrics decline demonstrated profitable trading activities alongside the liquidation of long position trades.
The market has experienced substantial downward movement resulting in ONDO trading near $0.90 at the current time. Reduced open interest seems to indicate speculative market participants exited the ONDO market which suggests cooling conditions in the market.
ONDO’s upcoming performance hinges on its capability to protect its present support position and attract additional market attention. A turn towards positive sentiment and a rise in open interest positions ONDO for an upward recovery towards $1.50.
