Ondo Finance (ONDO) Gains Momentum: BounceBit Integration and Whale Investment Signal Growing Confidence
Ondo Finance is making significant strides with strategic partnerships and substantial investor interest. The platform’s native token, $ONDO, is experiencing a notable surge amid key market developments.
BounceBit Integrates USDY: A CeDeFi Milestone
Leading CeDeFi infrastructure platform BounceBit has announced that Ondo Finance’s USDY (US Dollar Yield) would be the first treasury-backed real-world asset (RWA) included into its CeDeFi V2 ecosystem. This integration marks a necessary convergence of distributed and conventional finance.
Founder of BounceBit Jack Lu underlined the importance: “This integration marks a pivotal moment in CeDeFi evolution, providing users immediate access to institutional-grade yield opportunities.”
Key features of the integration include:
- A dedicated USDY vault with optimized yields
- Boosted $BB token incentives for USDY users
- Seamless access within BounceBit’s platform
What is Ondo Finance (ONDO)?
Established in 2021, Ondo Finance is a US-based technological startup headed by Digital Assets team of Goldman Sachs. Focusing on enabling innovative financial solutions to a larger audience, the company works with institutional partners including Blackrock and Morgan Stanley.
USDY comes with particular legal restrictions and is not offered to US citizens. Potential investors should carefully go over the whole disclaimer and terms on Ondo Finance’s website.
Crypto Whale Goes on an ONDO Buying Spree
Adding to the platform’s momentum, a significant crypto whale has made a bold investment in $ONDO. According to Lookonchain, the whale purchased 10.98 million ONDO tokens by liquidating 4,611 $stETH, worth approximately $17.14 million.
The transaction, executed at an average price of $1.56 per token, signals strong confidence in Ondo Finance’s potential despite broader market volatility.
ONDO/USD Technical Analysis: Bullish Signals Emerge
Currently trading at $1.69, the token has seen a 15.30% increase in the last 24 hours, maintaining a market cap of $2.35 billion. The recent price action for $ONDO reveals promising technical indicators:
Chart Patterns:
- A morning star pattern has formed
- The price bounced back from the $1.47 support level
- Potential breakout approaching the overhead resistance trendline
Fibonacci Analysis:
- Immediate resistance at the 23.60% level ($1.6952)
- Potential surge to the 50% Fibonacci level at $1.93
- Long-term target could extend to $2.51 at the 141.40% extension level
MACD Indicator:
- Bullish crossover on the weekly chart
- Suggests potential for a continued recovery rally
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