"The futures market is clearly driving the momentum," said trader Sarosh, highlighting the growing appetite for leveraged bets on ONDO Finance. The altcoin has staged a sharp rebound from $0.37, holding above $0.4 and reaching a local peak near $0.41. Currently trading around $0.406, ONDO has gained about 5.6% in the last 24 hours, signaling renewed investor confidence.
Trading volumes tell a similar story. ONDO's daily volume jumped 55% to $123 million, but the real surge is in its Futures market, where volume ballooned 54% to $285 million, dwarfing the spot volume of $64.6 million by $218 million. This gap reflects a high-risk appetite among traders who are increasingly using use to amplify their positions. Derivatives activity also climbed, with open interest up 6% to $204 million, confirming that market participants are committing significant capital to ONDO's upward move.
Despite the futures dominance, spot trading shows signs of buyer strength, even as the net flow turned negative by $929,000. Technical indicators support this bullish stance: ONDO's Relative Strength Index (RSI) hit 63, signaling strong buying pressure, while the ADX and +DI readings climbed to 25 and 34, respectively, pointing to solid upward momentum likely to continue. If this trend holds and both futures and spot volumes keep rising, ONDO could soon challenge the $0.45 resistance level.
To maintain this momentum, ONDO needs to close daily trading sessions above $0.4. Falling below this threshold could trigger a retest of support near $0.35. Meanwhile, the market remains attentive to shifts in sentiment and volume, factors that will determine whether ONDO turns its recent gains into a sustained rally.
