A single entity has injected $7.87 million into Ondo [ONDO] across five wallets, just a week after exiting the market. The most significant purchase involved $2.46 million USDT for 1.64 million ONDO, reigniting confidence in the token.
At the time of writing, ONDO is trading at $1.43, reflecting a 2.15% dip over the past 24 hours. Despite this slight downturn, the strategic accumulation hints at a potential rally, raising questions about whether ONDO is gearing up for a bullish breakout or remains vulnerable to further declines.
Price Analysis: Critical Levels in Focus
ONDO is striving to hold its support zone between $1.40 and $1.50 after retreating from a monthly high of $2.00. A significant resistance level at $1.79 looms, with a breakout potentially propelling the token to $2.30.
However, a failure to maintain support could lead to a retest of $1.20, potentially sparking bearish momentum. The token’s immediate trajectory depends on its ability to consolidate within this range and reclaim higher levels.
Address Activity: Mixed Sentiment Among Holders
Blockchain data reveals nuanced trends in ONDO’s ecosystem. New addresses increased by 0.72%, signaling steady interest, while active addresses dipped by 6.73% over the week. Notably, zero-balance addresses fell by 9.04%, suggesting dormant holders are re-engaging.
This mixed sentiment reflects cautious optimism as investors recalibrate amid market volatility.
Rising Institutional Activity
Large-value transactions in the ONDO ecosystem surged, highlighting growing confidence among institutional investors. Transfers between $10,000 and $100,000 increased by 156.73%, while transactions exceeding $1 million doubled.
This uptick aligns with broader narratives of strategic capital inflows, positioning ONDO as a token of interest for high-net-worth investors.
Technical Indicators: Hints of Recovery
ONDO’s technical indicators reveal signs of potential recovery. The STOCH RSI, at an oversold 3.76, points to a short-term rebound, while the MACD remains negative but shows diminishing bearish momentum.
If these indicators align with improving sentiment and robust whale activity, ONDO could break past $2.00 in the coming weeks.
While challenges persist, the market’s response suggests ONDO may be on the brink of a significant rally, supported by strong fundamentals and heightened investor interest.
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.
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