The whale accumulation highlighted the strong confidence as ONDO traded within key support and resistance levels.
Technical indicators suggested oversold conditions, with large volumes indicating potential bullish momentum.
One entity re-entered the Ondo [ONDO] market with a staggering $7.87M across five wallets, just one week after the sale.
The largest purchase saw $2.46M USDT spent to obtain 1.64M ONDO, indicating renewed confidence in the token.
At the time of writing, ONDO is trading at $1.43, down 2.15% in the past 24 hours, as traders assess its next move.
This strategic buildup raises questions about whether the token is poised for a major rally or is still vulnerable to further price volatility.
ONDO Price Analysis: Navigating Key Levels
ONDO is fighting to hold the critical support zone between $1.40 and $1.50 after pulling back from the $2.00 high earlier this month.
Currently, the resistance at $1.79 poses a formidable challenge for the bulls, with a successful breakout likely to lead to the $2.30 mark.
However, if the support breaks, the price could test the $1.20 level, creating space for bearish momentum.
Therefore, its near-term movement hinges on its ability to regain high ground while consolidating within this key range.
ONDO PA analysis
Source: TradingView
New addresses were up slightly by 0.72%, indicating continued interest, but active addresses were down by 6.73% over the past week.
Additionally, zero balance addresses decreased by 9.04%, indicating that some holders are re-engaging with their wallets.
The shift reflects mixed sentiment as investors recalibrate their positions, balancing optimism and caution amid market volatility.
ONDO handles statistics.
Source: IntoTheBlock
Transaction Statistics: Increasing Institutional Activity?
Transaction data indicates strong growth in large-value transfers, confirming increased confidence in ONDO.
Transactions between $10,000 and $100,000 increased by 156.73%, while those over $1 million increased by 100%.
These figures indicate growing interest from institutional or high net worth investors seeking strategic exposure.
Thus, this surge in transaction volume is in line with the broader narrative of ONDO’s potential to attract significant capital inflows.
Source: IntoTheBlock
Technical Indicators: Will Momentum Turn Bullish?
Technical indicators are showing potential signs of recovery. The STOCH RSI at 3.76 points indicates oversold conditions, hinting at a possible recovery in the short term.
Meanwhile, the MACD remains negative at -0.069, but the narrow gap between its lines indicates decreasing bearish momentum.
If these indicators align with improving sentiment, the token could see a reversal in its recent downtrend.
Source: TradingView
ONDO appears to be building a case for a large crowd, supported by whale accumulation, increased large-value transactions, and bullish technical setups.
While challenges remain, market activity suggests that the token is poised for a strong upward move. Therefore, it seems increasingly likely that ONDO could break above $2.00 in the coming weeks.