As the market atmosphere gradually warms up, ONDO tokens in the DeFi field are showing strong recovery momentum. As the native token supporting fixed-income loans, ONDO has performed particularly well recently after a period of price fluctuations. It has accumulated an increase of more than 8% in the past week and has climbed slightly by 0.6% again in the past 24 hours.
Technical analyst Faibik's latest views on social media have attracted widespread attention in the market. He pointed out that a descending wedge pattern has formed in ONDO's price chart, a technical pattern that often indicates that prices may break through and move upward at some point in the future. Faibik particularly highlighted the fourth quarter of 2024 as a potential high point, believing that ONDO is expected to hit a record high during that period. This forecast has undoubtedly injected more confidence into investors and stimulated strong market interest in ONDO.
However, behind the optimistic technical analysis, we should also pay attention to ONDO's fundamental situation. Whale activity, an important indicator of the movements of large investors, has recently shown a significant downward trend. Data shows that the number of whale transactions on ONDO has dropped from a peak of more than 60 at the end of August to about 12 currently, which may mean that demand for ONDO from large investors has weakened in the short term.
On the other hand, the change in open interest provides us with another perspective on market sentiment. The data shows that the number of open interest for ONDO increased by 4.69% to $83.12 million, indicating that despite the decline in trading volume (a decrease of 17.91%), the market's interest in ONDO continues to heat up. The increase in open interest may indicate that traders are preparing for potential price increases, but it also comes with a certain degree of uncertainty.
As expectations of global interest rate cuts rise, market liquidity is expected to increase further, which is undoubtedly a positive factor. Interest rate cuts often drive capital into risky asset markets, including the cryptocurrency market, thereby driving up prices of related assets. Therefore, for ONDO, expectations of interest rate cuts may become an important catalyst for its price breakthrough.
In summary, ONDO tokens have shown strong recovery momentum in the near term, and both technical analysis and market sentiment point to an optimistic future. Although the reduction in whale activity and fluctuations in trading volume have brought some uncertainty to the market, the rising expectations of interest rate cuts and the increase in open interest still provide strong support for the future development of ONDO. While paying attention to technical patterns, investors should also pay close attention to changes in market dynamics and fundamental factors to make more informed investment decisions.
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