ONDO is showing signs of life after breaking free from a downtrend, as traders keep an eye on its next moves.
Currently, the token trades around $0.3853, with a daily trading volume nearing $87 million and a market cap inching close to $1.9 billion.
Even though there was a slight dip of 1.5% in the last day, analysts believe ONDO is gearing up for a bullish reversal supported by network growth and technical factors.
Crypto analyst Crypto Patel points to a confirmed breakout above the descending channel, suggesting an end to weeks of downward pressure on ONDO.
The price is now testing the breakout zone, key for maintaining upward momentum. Holding support between $0.378 and $0.35 is key to preserving the positive trend.
A successful bounce here could send ONDO climbing close to $0.665, which implies an 82% gain from current levels.
Traders are advised to monitor a stop loss near $0.339, as moving below that could undermine the potential trade upside.
On another front, Ondo Finance's deal with Japan's SBI Group stands out as a major development in real-world asset tokenization.
This partnership aims to bring Japanese financial assets on-chain, marking a milestone for blockchain adoption in Asia.
Combining Ondo's blockchain infrastructure with SBI's established financial network enables new avenues for tokenizing traditional assets.
SBI CEO Yoshitaka Kitao praised Ondo's role in bridging conventional finance with blockchain technology, highlighting the move as a boost to Japan's digital asset ecosystem.
the project includes integrating SBI's yen-backed stablecoin, signaling Japan's deeper get into digital asset infrastructure.
Despite ongoing positive signals, ONDO’s price still faces downward pressure, though the overall crypto market trend is improving, possibly setting the stage for another breakout.
The next critical phase is maintaining support within the $0.378-$0.35 range. A successful hold here could fuel momentum toward $0.665, whereas a breach might spark short-lived selling.
The expanding collaboration between Ondo and SBI will also remain a focal point, as it might accelerate real-world asset tokenization in the region.
