In the crypto space, a week is enough for a 'bull-bear transition', and three hours can take someone from excitement to collapse and then to self-reconstruction. #NFT板块领涨 This week, the market was activated again, #山寨季來了？ with several key tokens providing plenty of 'screen time' in news, data, and market performance. #BNB创新高
#ONDO The attention sparked by the ETF application led Solana to set a new high in open contracts amid the 'false breakout' controversy, while BNB steadily rose due to tangible on-chain activity. Three tokens, three styles, all telling the same theme—'the market is heating up again'. 📈
Next, I will take you through a comprehensive breakdown of these three main lines and see who can be the first to gain momentum in this new round of crypto market movements and stand tall in the industry.
1. ONDO: The 'new darling' of the real-world asset track, ETF ignites bullish flames 🔥
ONDO, a name that may not have been on your watchlist before, suddenly became a hot topic this week, and the reason is simple: the spot ETF application.
On July 22, asset management giant 21Shares submitted the S-1 registration document for '21Shares Ondo Trust' to the SEC, officially applying for the ONDO spot ETF. This is one of the first 'new tokens' challenging traditional financial market rules after Bitcoin and Ethereum.
What does the ETF imply?
The trust will directly hold ONDO tokens, custodied by Coinbase Custody, and track the CME CF Ondo Finance-USD reference rate. This means it is a real spot-backed ETF, not involving derivatives and leverage, and is closer to the logic of real asset allocation.
Results?
ONDO surged 13% during the session, with a nearly 8% increase over 24 hours, rising from $1.02 to $1.16, with trading volume surging to $426 million. This wave of market activity not only erased the decline caused by previous market adjustments but also pushed ONDO's monthly increase to 65%. 📊
📈 Technical analysis is also impressive:
ONDO currently stands firmly above the 20, 50, and 100-day moving averages;
RSI reached 73.4, though in the overbought range, the upward momentum remains strong;
After breaking through $1.16, it may challenge $1.25~$1.35;
Support level to watch at $1.05, followed by $0.95.
🔮 Market Outlook:
Whether it can be approved next still requires waiting for the SEC's review, during which there may be fluctuations. However, the ETF licensing story undoubtedly elevates ONDO from a 'star player' in the RWA track to a 'potential stock' that institutions focus on.
2. Solana: The price has reached $200, but is the risk also approaching? ⚠️
Now, looking at the established powerhouse Solana (SOL), it has been on a steady rise since the beginning of the year, and this week it briefly broke through the $200 mark, seemingly shining bright, but some technical analysts have started to 'sing bear', believing the price may 'rise first and then fall'.
The core logic behind this is: false breakout + short pressure.
What does technical analysis say?
SOL's recent rise started from a low of $127 in June, and after several rounds of increases, it successfully broke through the key resistance of $190. However, analysts point out that this rise is still within an ascending channel, and the so-called breakout above $190 looks more like a 'false breakout'—after liquidity was swept, it failed to hold.
🔻 Two possible bearish paths have been proposed:
The price directly dropped to the maximum pain point (MPL) of $162, although the probability is currently low;
More likely is a new high or testing the previous high before turning back, forming a 'lower high', and then starting a new wave of decline.
This sounds scary, but it's not unfounded.
How is market sentiment?
Interestingly, despite analysts calling for a bearish trend, Solana's open contracts have hit a historical high, surpassing $10.96 billion, far exceeding the previous record of $8.79 billion.
This indicates that market speculation interest in Solana remains high, but the price has not simultaneously set a new high, suggesting there may still be room for growth. However, this also implies that once negative news arises, the market may sell off quickly.
🧠 Brief Comment:
Solana is currently one of the strongest L1s in on-chain activity, with projects like USELESS, Jupiter, and Tensor emerging one after another. However, the price increase has outpaced the expansion of fundamentals, and the market needs a 'cooling-off period' to digest the valuation.
3. BNB: Steady Growth, On-chain Data Explosive Growth 📈
Unlike the 'news-driven' increases of the first two, BNB's recent performance is entirely due to its own strength.
Without any major positive news, BNB has quietly risen 12% this week, and on-chain data has almost fully exploded:
📊 On-chain Activity: Three-Month High
This indicates that the usage of BNB on the public chain is rapidly recovering, and the real demand of the network is driving the price of the coin upwards.
🔧 Smart Contracts & Fees: Heat Remains
Just in the past 24 hours, trading fee expenditures have significantly increased. According to BscScan data, a total of 573.46 BNB (worth about $438,000) was paid, while the number of verified contracts increased by 49% during the same period, with over 200 new smart contracts deployed.
This not only increases network fee expenditures but also means more developers are using BNB to build new projects, further enhancing the attractiveness of its ecosystem.
💰 TVL Soars to $8.51 Billion
Data from DeFiLlama shows that the TVL (total value locked) of the BNB ecosystem has surged to its highest point since July, indicating a bullish sentiment towards its future price, and investors are willing to 'lock' assets for returns.
🧠 Conclusion:
BNB's rise is not as 'controversial' as Solana's, nor is it driven by ETF news like ONDO, but rather by on-chain growth and utility. This is what 'value coins' should look like, and perhaps more deserving of long-term attention.
Conclusion: The prelude to the bull market has begun, who will become the next 'protagonist'? 🎬
ONDO's ETF story is still fermenting, Solana faces the challenge of 'true and false breakouts' in technical terms, while BNB steadily relies on real on-chain usage.
The trends of three tokens precisely represent the three current states of the market:
News-driven short-term explosion
Technical Graphics Game
On-chain Data Fundamental Regression
In this market of intertwined bullish and bearish forces, who will break through first and drive the market? Perhaps this is not a 'this or that' question, but different rhythms of the prelude to a bull market.
The charm of the crypto space lies in its rapid changes, but those who truly grasp the trends are always the players who understand data, see the graphics, and comprehend the narrative.
👀 Remember: The next 10x token is often hidden in these details.
The crypto space changes quickly, with opportunities and risks coexisting. Learning to enter and exit strategically, protecting capital, is essential for steady progress and wealth and growth.
Remember to DYOR, manage risk, and wish everyone smooth sailing in the crypto space! 🌊
Like 👍 Share, follow me for more insights into crypto dynamics! Let's keep it up! 😎
