Pantera Capital, a major investor in ONDO, returned after three months of dormancy and moved its assets to the exchanges. Data from Arkham showed that Pantera Capital’s wallet moved 83.9 million ONDO tokens worth $22.11 million.
Previously, the address received 34.28 million ONDO, worth $42.52 million, from the Ondo project’s multisig address.
After receiving these tokens, they were then transferred to Coinbase Prime in batches. This suggests the transfer is likely in preparation for a sale.
Traditionally, sell-offs by major market players have preceded weakness in asset prices. So, if these tokens are sold, as the previous model suggests, it will likely weaken ONDO’s price action even further.
ONDO shows demand recovery
Despite the Pantera Capital transfers, Ondo Protocol has shown a potential recovery in demand-side activity.
According to DefiLlama data, the network’s capital flows went from negative to positive. As a result, US dollar inflows increased from -$9.3 million to $9.58 million, a gain of over 203%.
Usually, when capital inflows turn positive, it suggests higher deposits into the protocol, a clear sign of demand.
Interestingly, this demand was also seen on the stock exchanges. On Binance, for example, buyers replaced sellers over the past 24 hours, according to data from Coinalyze.
ONDO recorded a purchase volume of 11.5 million, compared to a sales volume of 10.9 million. This left the market with a positive delta of 600,000, a clear sign of spot accumulation.
Historically, higher spot demand has helped absorb pressure, thereby reducing supply and therefore strengthening bullish momentum.
Altcoin remains limited
Despite the recent moves, the market remained calm and Ondo Finance (ONDO) continued to trade sideways. As such, the news had little to no impact on the altcoin’s price action.
More so, the altcoin continued to demonstrate relative stability, with prices stuck between $0.25 and $0.26. Amid this consolidation, buyers have largely dominated the market.
For starters, the Bulls vs Bears indicator has remained green throughout and is currently holding at 25. This suggests that while the uptrend is not strong enough to inspire a rally, it is stronger than the downtrend.
The Relative Strength Index (RSI) further validates these market conditions. The RSI was at 51 at press time, after hovering around this level for two weeks, suggesting relatively stable demand.
These indicators suggest that ONDO is likely to continue its sideways movement, with $0.28 as upper resistance. However, if the market negatively feels the recent token transfers, the altcoin could fall below $0.25 and look for support at $0.24.
Final Summary
- Pantera Capital’s wallet moved 83.9 million tokens, worth $22.11 million, after three months of dormancy.
- ONDO remains stuck in a tight range, trading between $0.25 and $0.26.
