• The ONDO price remains under pressure but shows signs of potential reversal.
• Technical indicators suggest the token is nearing an oversold zone.
• Partnership with Chainlink could drive renewed investor optimism.
• Institutional adoption may act as a key catalyst for price recovery.

ONDO is showing a mixed market trend, struggling to regain its earlier bullish momentum, but it still holds potential for a turnaround. Over the past 24 hours, the token has dropped by 5.18%, while its weekly decline stands at 6.38%.

At the time of writing, the token is trading at $0.6889, with a 24-hour trading volume of $125.09 million, marking a 15.01% drop within the same period. The market capitalization stands at $2.17 billion, showing a 5.19% decline as market participants continue to reduce exposure amid weakening price action.

Also Read: ONDO Price Poised for Explosive Rally Toward $1.15 Reversal Zone

Technical Indicators Highlight Continued Bearish Momentum

The token remains under pressure as its weekly chart reveals consistent bearish activity. Prices remain below major moving averages, with the 20 SMA at $0.8943 and the 50 SMA at $1.0314, showing the sellers’ dominance. However, as ONDO nears key technical support levels, selling momentum appears to be slowing down.

The Relative Strength Index (RSI) stands at 39.76, signaling weak momentum but also suggesting the asset is approaching oversold conditions, often a precursor to short-term rebounds. The Bollinger Bands show the price hovering near the lower band at $0.6558, indicating limited volatility and potential stabilization. Moreover, based on the stability of the RSI above 40 and the price crossing above $0.70, the token can begin the recovery process towards the $0.90-$1.13 resistance zone.

Ondo and Chainlink Partnership Sparks Recovery Potential

One of the most important factors that has given rise to the resurgence of optimism for ONDO is the historic partnership between ONDO and Chainlink. The main goal of the partnership between the two companies is the implementation of tokenization to involve traditional financial institutions in the world of Blockchain.

Chainlink will become the official oracle service provider for the tokenized securities domain in Ondo. This innovation not only enhances the technological prowess of Ondo but also improves the confidence of the investors in the long-term prospects of the investment. With the adoption of the tokenization services at the institutional level in the ecosystem of the investment, the token demand in the market could increase.

If the positive sentiment persists and the adoption rate continues to increase, the token may attract buying again and lead the price towards the $1.13 target in the upcoming days.

Also Read: ONDO Price Analysis: Will a Rebound Push the Token to $2.50?