- Ontology price was calm on Wednesday.
- Its Wing Finance DeFi platform saw its price go parabolic.
Ontology price moved sideways on Wednesday even as its Wing Finance cryptocurrency went parabolic. ONT is trading at $0.30, which is a few points above last month’s low of $0.1805. Its price has crashed by more than 90% from its all-time high.
Wing Finance price goes parabolic
At its peak, Ontology was one of the biggest blockchain project in the world. Its price jumped to an all-time high of $3.10 giving it a market cap of over $2 billion. Today, the coin has a market cap of just $267 million making it the 154th biggest coin in the wrld.
For starters, Ontology is a high speed, low cost platform that brings decentralized identity and data solutions to Web3. It is an Ethereum Virtual Machine (EVM) that makes it compatible with Ethereum.
Ontology has launched multiple products to meet its vision. For example, it has launched ONT ID, which is a product that ensures that user data is highly encrypted. It also has ONTO Wallet that makes it easy for people to manage their digital identity. Further, SAGA is a decentralized data protocol that helps people purchase and monetize data.
The Ontology price is in the spotlight as the token of its Wing Finance goes parabolic. According to Binance, WING has jumped by more than 152% in the past 24 hours, bringing its market cap to $22 million.
Wing Finance is a credit-based, cross-chain decentralized lending platform that has over $73 million in total supply and $38 million in total borrow. The total insure is about $2.9 million while the total WING locked has risen to over $1.3 million. Most of the total borrow and supply are in Ontology followed by those in the BNB chain.
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Ontology price prediction
The four-hour chart shows that the ONT price has been moving sideways in the past few weeks. This price action mirrors that of Bitcoin, which has also remained at $30,000 for weeks. Ontology is slightly above the 25-day and 50-day moving averages. It is also slightly below the upper side of the channel pattern shown in black.
Therefore, for now, despite the Wing Finance price rally, there is a likelihood that the coin will remain in this range for a while. The medium term outlook for the coin is still bearish, with the next key support being at $0.2737.
