According to recent data shared by Ali_charts, the Ondo Network has experienced a surge in active addresses, reaching an all-time high of 7,445 on March 10. This remarkable increase represents the highest level of network activity observed during the entire tracking period.
Over the past two weeks, the number of active addresses on the Ondo Network has shown considerable volatility. Early March saw an uptick in activity before a brief decline, followed by the current dramatic surge. This pattern suggests growing interest in the network despite recent price movements.
While network activity has been climbing, ONDO price has been moving in the opposite direction. This divergence could indicate several possibilities: users might be conducting more transactions but at lower values, or we might be witnessing a lag effect where network activity typically precedes price movement.
The catalyst behind this surge remains speculative, but possibilities include increased adoption of Ondo Network services, new platform developments, or growing speculation among traders. Whatever the cause, this heightened activity suggests an expanding user base that could potentially impact ONDO future price trajectory.
ONDO Price Analysis: Two Potential Scenarios
Corne Marchand’s technical analysis presents two possible scenarios for ONDO price action based on current support and resistance levels.
ONDO has been in a downtrend since reaching highs of approximately $2.20 in December 2024. Currently, the price is testing a critical support level in the $0.80-$0.90 range, which will likely determine its short-term direction.
Bullish Scenario: Path to $1.50
If ONDO successfully holds the trend support level, we could see a significant rebound and breakout. This bullish scenario targets the $1.50 resistance zone, which has historically acted as a supply zone where the price faced rejection in previous cycles.
The current RSI (Relative Strength Index) shows a relatively neutral position, suggesting that momentum could shift in favor of bulls if buying pressure increases. For this scenario to play out, ONDO would need to firmly establish itself above the current support level before challenging the overhead resistance.
Bearish Scenario: Drop to $0.50
Should ONDO fail to maintain its current support level, we could witness a breakdown below the trendline. This bearish scenario projects a drop toward the $0.50 level, which aligns with previous demand zones where ONDO consolidated before its last major upward movement.
This downside target would represent a significant decrease from current levels and could materialize if selling pressure intensifies, especially if broader cryptocurrency market conditions deteriorate or Bitcoin experiences weakness.
The contrasting signals between surging network activity and downward price pressure create an intriguing situation for ONDO. While increasing network usage typically bodes well for a cryptocurrency’s long-term prospects, immediate price action will likely be determined by which scenario plays out at the critical support level.
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