ONDO “decouples” from Ethereum to be environmentally conscious

ONDO is up over 5% in the past 24 hours
Buying pressure increases on the chart

Ondo While the daily chart remains green, other charts are bleeding, disconnected from the broader crypto market. In fact, ONDO has also managed to surpass the king of altcoins. Ethereum [ETH], In social terms. He takes a closer look at ONDO to see what's going on.

ONDO's bull stands strong

While the market crash turned the daily charts of most cryptocurrencies into red, ONDO chose to move in a different direction.according to coin market capThe altcoin has risen over 5% in the past 24 hours.

At the time of writing, it is trading at $0.8269, making it the 77th largest cryptocurrency with a market capitalization of over $1.14 billion. The positive price action also increased investor confidence in the token. This was supported by the fact that ONDO's weighted sentiment rose sharply. In fact, the rise was so rapid that it surpassed ETH in this aspect.

Source: Santiment

LunarCrush recently Tweet It emphasizes ONDO's growth on the social front. Similarly, token social interactions spiked by 117.4%.

A possible reason behind this spike could be related to BlackRock. The altcoin’s social volume and value have increased after testing a newly introduced feature that allows near-instant conversion between Circle’s USDC stablecoin and BlackRock’s new BUIDL token. But will the hype surrounding this episode be enough to keep ONDO bullish?

What to expect from ONDO

To find out what direction ONDO is headed, AMBCrypto analyzed Santiment's data. Our analysis shows that buying pressure on the token was increasing as supply on exchanges dwindled. Meanwhile, off-exchange supply increased, highlighting that investors are stockpiling more.

However, the supply held by top addresses has decreased slightly, indicating that some whales may have sold their holdings. The MVRV ratio also looks troubling, having fallen sharply over the past few days as well.

Source: Santiment

Additionally, some technical indicators also looked bearish. For example, Chaikin Money Flow (CMF) has recorded a decline, indicating that its price may soon record a correction.

Similarly, MACD predicted a clear bearish advantage in the market. Nevertheless, the relative strength index (RSI) rose. This is a sign that ONDO may be able to maintain its uptrend.