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Ondo Finance (ONDO) has seen a significant upswing in its price charts over the past 24 hours, registering a 10.9% increase to trade at $1.02 at the time of writing. This price surge comes after a month-long downtrend that saw ONDO dip by 16.78%. The latest uptick signals a renewed investor interest, with increased capital inflow boosting the altcoin’s market performance.
What’s Driving Ondo’s Uptick?
Recent data analysis suggests that ONDO’s price surge is largely driven by heightened demand from both retail investors and large-scale institutional entities. According to Artemis, ONDO’s Total Value Locked (TVL) has skyrocketed, hitting an all-time high of $1 billion. Such a surge in TVL typically indicates growing market confidence, as more capital is being committed to the network.
Further supporting this bullish momentum is the rising capital inflow from whales and large holders. On-chain metrics from IntoTheBlock reveal that large holders’ net flow spiked in the last two days, reaching a high of 30.9 million ONDO tokens. Additionally, whale inflows have surged to 52 million ONDO tokens, suggesting that institutional investors are actively accumulating the asset in anticipation of further gains.
Moreover, Santiment data shows that exchange flow balance has dropped to -1.02 million ONDO tokens. This signals more outflows than inflows, indicating that investors are moving their holdings away from exchanges, typically a bullish indicator as it suggests long-term holding rather than short-term selling.
Can ONDO Sustain Its Momentum?
With strong buying pressure returning to the market, ONDO recently tested its key support level at $0.86. If the altcoin manages a daily close above the crucial $1 resistance, it could pave the way for a move toward $1.2, marking a full recovery to its pre-downtrend levels.
Also Read: ONDO Drops 18% After Brief Rally – Can It Rebound Above $1?
However, if the bullish attempt loses momentum, ONDO could see a pullback to $0.80. The coming days will be crucial in determining whether the altcoin can sustain its upward trajectory amid heightened market confidence.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
