- ONDO has broken key resistance levels, signaling potential for a 66% price increase.
- Whale accumulation and rising institutional interest point to continued bullish momentum.
Ondo [ONDO] has recently broken free from its descending channel, showing impressive upward movement that has caught the attention of traders, fueling growing bullish sentiment.
At press time, ONDO was trading at $1.01, reflecting a 15.63% increase over the past 24 hours.
The key question is whether this momentum will continue, or if a pullback looms as the price nears crucial resistance levels. Market sentiment will play a pivotal role in deciding the token’s next move.
Ready for lift-off?
The recent breakout from the descending channel shows that ONDO could be entering a bullish phase. The chart revealed an inverted head and shoulders pattern at press time, suggesting a potential price rise.
The neckline for this pattern lay near $1.60, a critical resistance level. If ONDO breaks this resistance, it could rise by up to 66%.
Support remained at $0.90, which buyers are eager to defend. If the price maintains above this level, the path toward $1.60 becomes clearer.
Source: TradingView
What’s behind the surge in market activity?
Market activity further supports the bullish outlook for ONDO. The large holder netflow has surged by 6473.97% over the past week, indicating significant accumulation.
This activity suggests that institutional investors are positioning themselves for the next growth phase.
Additionally, active addresses have risen by 47.15%, further indicating that market interest is growing. The number of new addresses also shows an influx of fresh capital into the market.
These on-chain metrics point to rising investor confidence and a robust demand for ONDO, reinforcing its bullish potential.
Source: IntoTheBlock
Institutional influx: Are big investors powering the rally?
Transaction data reveals that ONDO is increasingly attracting larger investors. Transactions in the $10k to $100k range have risen by 140.14%.
This increase indicates that institutional players are entering the market, positioning themselves for price gains.
Furthermore, these larger transactions contribute to higher overall market liquidity. As institutional interest continues to rise, ONDO could experience sustained bullish momentum.
Therefore, market participation is likely to remain strong, pushing the asset higher as investors aim to capitalize on potential growth.
Source: IntoTheBlock
What does the ONDO derivatives market tell us?
The derivatives market confirms the growing bullish sentiment surrounding ONDO. Volume has surged by 114.45% to $1.38B, and Open Interest has increased by 36.16%, now reaching $408.67M.
These changes signal that traders expect further price movement.
The rise in long positions shows that market participants are betting on continued price appreciation. Moreover, these derivatives metrics suggest that market sentiment remains positive.
Source: Coinglass
Can ONDO sustain its rally?
The combination of technical patterns, market activity, and derivatives data strongly suggests that ONDO is positioned for further gains. The resistance at $1.60 is a key level to watch.
If ONDO breaks through this level, the next phase of growth could be significant. However, it’s crucial to monitor whether large holders continue accumulating and if market sentiment remains strong.
As long as investor confidence holds and the technical outlook stays favorable, ONDO could very well sustain its bullish momentum and move toward higher levels.
