Ondo Finance processed $2.02 billion in tokenized stock transfers in March, pushing its TVL to an all-time high of $3.32 billion.
On-chain metrics signal growing sell pressure.
ONDO’s CMF is -0.06, confirming the distribution. A breakdown below $0.23 opens a path toward $0.20, while a recovery above $0.29 would be needed to shift the outlook.
The crypto market’s sluggish performance continues to affect ONDO’s price, even as Ondo Finance emerged as a standout in the real-world asset (RWA) tokenization sector in March.
On-chain data and technical signals suggest the protocol’s growing activity has yet to translate into strength for its native token, hinting that further losses may be ahead.
Ondo Finance Dominates RWA Tokenization
Ondo Finance recorded a landmark month in March, with its tokenized stock transfer volume totaling $2.02 billion.
According to data from RWA.xyz, that figure represented 70.4% of the total $2.87 billion in tokenized stock transfers processed across the RWA sector during the period.
The surge in activity on Ondo’s platform comes amid mounting turbulence in traditional financial markets.
Growing fears over tensions in the Middle East have dampened sentiment across equities, prompting investors to seek tokenized versions of traditional assets that trade on-chain and around the clock.
For Ondo, that shift translated directly into record transfer volumes.
This surge in transfer activity has pushed Ondo’s Total Value Locked (TVL) to an all-time high of $3.32 billion, per Defillama.
However, despite this protocol’s growth, on-chain and technical metrics indicate increasing distribution pressure on its native ONDO token, which may impact its price soon.
Long-Term Holders Are Quietly Exiting ONDO
On-chain data shows an uptick in selloffs among ONDO’s long-term holders since April started.
According to Santiment, ONDO’s age-consumed metric skyrocketed to a one-month high of 3.67 billion on Wednesday.
This metric tracks the movement of previously dormant tokens, weighting each coin by the number of days it had been sitting idle before being transferred.
When it spikes, it signals that older, long-held positions are being moved, often to sell them.
Usually, long-term holders are not in the habit of moving their coins around. Therefore, when they do, especially during periods of lackluster performance like this, it means they have little conviction in a near-term price rally.
Also, the daily count of new addresses involved in ONDO transactions has fallen steeply since March 27. This suggests that fresh demand is not entering the market.
Per Santiment, on March 27, 453 new addresses were involved in ONDO transactions for the first time. By April 1, this had fallen to 305 addresses.
The sustained downtrend over the final days of March into the start of April suggests that new capital is not flowing into ONDO. This may keep its price range-bound or trigger a break to the downside soon.
Token at Risk of a Fresh Low
On the daily chart, ONDO’s Chaikin Money Flow (CMF) indicator has been trending downward, signaling that capital is flowing out of ONDO rather than accumulating. At press time, this sits at -0.06.
The CMF measures the volume-weighted flow of money into and out of an asset over a set period. A reading above zero indicates net accumulation, while a reading below zero points to distribution.
In a ranging market like ONDO’s current one, a negative CMF confirms that sellers are in control even within the consolidation band, and that the range is more likely to resolve to the downside than break upward.
ONDO has traded between a support floor at $0.23 and a resistance ceiling at $0.29 since early February. At press time, the token trades at $0.26. If selling pressure intensifies and $0.23 gives way, ONDO could fall to $0.20.
On the upside, any recovery attempt would first need to reclaim $0.29. A daily close above this level could trigger a rally toward $0.35.
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Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Abiodun Oladokun is a Research Analyst at CCN, where he covers cryptocurrency markets with a focus on on-chain analysis, technical assessments, and emerging trends across decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins.
Prior to CCN, he served as a Senior On-Chain Analyst at BeInCrypto, producing market reports spanning diverse crypto sectors.
Before that, he conducted technical analysis and market assessments of various altcoins at AMBCrypto, where he also contributed long-form quarterly research papers on DeFi, NFTs, DAOs, and scaling architectures, leveraging on-chain platforms including Messari, Santiment, DefiLlama, and Dune Analytics.
He began his crypto career as a research analyst at SixthSense DAO, developing blockchain forensic tools to trace the history of stolen assets.
Abiodun is a lawyer called to the Nigerian Bar and the founder of Ilé Ijó, a Lagos-based electronic dance music collective.
