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Pantera Capital, a major investor in ONDO, returned after three months of dormancy and moved assets to exchanges. Arkham data showed that Pantera Capital’s wallet transferred 83.9 million ONDO tokens, valued at $22.11 million.
Previously, the same address received 34.28 million ONDO tokens, worth $42.52 million, from Ondo’s project party multisig address. After receiving the tokens, they were transferred to Coinbase Prime in batches, suggesting the move may be in preparation for a sale.
Traditionally, selling from major market players has preceded periods of price weakness. If these tokens are sold, it could further weaken ONDO’s price action.
Despite the transfers, Ondo Protocol showed signs of improving demand-side activity. DefiLlama data indicated that network capital flows flipped from negative to positive. USD inflows rose from -$9.3 million to $9.58 million, a gain of more than 203%.
Usually, when capital inflows turn positive, it points to higher deposits into the protocol. This demand was also reflected on exchanges. According to Coinalyze data, on Binance buyers outpaced sellers over the past 24 hours: buy volume totaled 11.5 million ONDO versus 10.9 million in sell volume, leaving a positive delta of 600k, consistent with spot accumulation.
Even with the token movements, the market stayed relatively calm. Ondo Finance continued to trade sideways, with prices holding between $0.25 and $0.26. During this consolidation, buyers have largely dominated.
The Bulls v. Bears indicator remained green throughout and is currently at 25, suggesting bullish momentum is present but not strong enough to trigger a rally. The Relative Strength Index (RSI) was 51 at press time and has hovered around that level for two weeks, indicating relatively stable demand.
Overall, these indicators suggest ONDO may continue moving sideways, with $0.28 identified as upper resistance. If the market reacts negatively to the recent transfers, ONDO could fall below $0.25 and test support around $0.24.
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