- Market demand is soaring, with ONDO’s TVL hitting a new ATH.
- Ondo surged by 10.9% over the past day as bullish momentum rose.
Over the past day, Ondo Finance [ONDO] has made a strong upswing on its price charts. As of this writing, Ondo was trading at $1.02 after a 10.9% increase in 24 hours.
Prior to this price pump, the altcoin had been on a downtrend, dipping by 16.78% on monthly charts. The recent price uptick suggests there’s a rising demand and increased capital inflow into the Ondo ecosystem.
What’s driving Ondo’s uptick?
According to AMBCrypto’s analysis, Ondo was experiencing high demand from both retailers and large entities.
Source: Artemis
We can see this demand as ONDO’s Total value locked (TVL) has spiked over the past day to hit a new all-time high of $1 billion.
Such a spike in TVL indicates that more capital is flowing into the network, reflecting growing market confidence.
When this hits a new high, it reflects strong markets and broader bullish sentiments. As such, large investors, both institutions and individuals are allocating funds to the network.
Source: IntoTheBlock
This rising capital inflow from large entities was further confirmed by large holders’ netflow, which spiked over the past two days, hitting a high of 30.9 million.
With inflow from whales hitting 52 million ONDO tokens, it suggests that whales are bullish and are actively buying the altcoin.
Source: Santiment
This is further validated by the Exchange flow balance, which has dropped to hit -1.02 million.
So, there were more outflows than inflows, implying that investors are withdrawing more from exchanges than deposits. Such market behavior reflects strong bullish sentiments.
Simply put, it’s true to say that what’s driving recent price movement is massive inflow from both large holders and retailers.
The question is, with investors entering the market to accumulate, can they boost Ondo to make more gains?
What’s next for the altcoin?
Source: Tradingview
As buying pressure returned to the market the past day, ONDO successfully tested $0.86 support. This positions the altcoin for more gains on its price charts.
With the recent price action, a daily close above $1, will validate this bullish outlook. A move above here will see Ondo reclaim pre-market levels around $1.2.
However, if the recent attempt by buyers fails, the altcoin will drop to $0.8 again.
