Recent price increases in the RWAs were largely attributed to their association with BlackRock, causing a frenzy in the cryptocurrency market with many digital assets experiencing rapid growth. However, ONDO, supported by individual investors, did not see a significant decline like other cryptocurrencies during the recent market downturn.
ONDO’s price movement stands out from its peers, as it was not stabilized by whales during the panic. Instead, individual investors played the role of saviors by creating a significant buying wave, which helped keep the price relatively stable. As a result, mid-term investors saw a visible increase in their ONDO holdings.
Despite some investors selling 132 million ONDO, worth over $141 million, to escape the ongoing market decline, the situation became even more interesting. Individual investors responded to the whale’s actions by buying large amounts of ONDO, which helped maintain price stability. As a result, the total ONDO holdings increased from 34% to 72% after the transactions, while short-term investors’ holdings dropped from 53% to 22%.
Ultimately, ONDO did not experience a significant drop but rather went through a consolidation phase. Its price showed a slowdown in decline, repeatedly testing the critical $1.07 level. With the altcoin’s current price at $1.09, it is possible that the whales might achieve this level.
Despite the movements of the whales, individual investors’ efforts have thus far prevented a major drop in ONDO’s price, indicating that consolidation might continue. However, if the price falls below the $1.07 support level, a sharper decline could occur, potentially pushing the price below $1.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research before making any investment decisions.
