ONDO price climbed 2.82% on July 2, fueled by strong performance from its derivatives platform Ondo Perps, which recorded over $1.5 billion in cumulative trading volume during its public beta phase. The data, shared by MSB Intel, signals early user adoption ahead of the platform's official launch.
Resistance Zone and Support Level Under Scrutiny
Crypto analyst Umair Orakzai notes that ONDO is nearing a resistance area known as the “yellow rejection zone” in technical analysis. Historically, a bearish candlestick close or structural breakdown on lower timeframes within this zone has served as a confirmation signal for short positions. The $0.2850 level acts as a key support floor. As long as ONDO trades above this threshold, the bullish scenario remains intact; a break below would likely weaken the technical outlook.
“After entering the resistance area, a bearish close or a lower-timeframe breakdown could be a signal for short trades,” analysts caution. Until confirmation appears, chasing the price on either side carries elevated risk.
Ondo Perps Beta Sees Heavy Trading Volume
Ondo Finance, known for tokenizing real-world assets (RWA) and building DeFi applications, is testing its perpetual futures platform Ondo Perps. The beta phase produced over $1.5 billion in traded volume, highlighting growing demand for on-chain derivatives. Perpetual contracts, which have no fixed expiry, are increasingly popular among leveraged traders.
Achieving this milestone in beta suggests strong user traction and builds momentum for the official launch. The platform complements Ondo Finance's existing RWA tokenization business, expanding its presence in the DeFi ecosystem.
Broader Market Tailwind and Short-Term Outlook
ONDO's rise also benefits from a broader market shift. Bitcoin's limited upward momentum has redirected some capital to altcoins, providing a tailwind for ONDO. The surge in derivatives trading activity, combined with a supportive market, gave the token a short-term boost. However, the market is still searching for direction. ONDO's near-term performance hinges on whether $0.2850 support holds and whether the resistance zone can be breached.