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Is ONDO Ready to Soar? Keep an Eye Out for 2 Key Areas
In the midst of intense market volatility, many investors are left wondering if ONDO (ONDO) has what it takes to propel itself towards a significant rally. A closer examination of recent data reveals two crucial areas that could potentially dictate its future trajectory.
Firstly, and perhaps most significantly, is the whale re-entry into the market. A staggering $7.87 million in transactions across five wallets signals an unprecedented level of confidence from a single entity. This substantial accumulation is a strong indication that this investor believes ONDO has tremendous potential for growth, which could be a catalyst for a price breakout.
Furthermore, transaction data has revealed a notable increase in large-value transfers, with transactions between $10,000 and $100,000 rising by 156.73% and those exceeding $1 million surging by 100%. These figures suggest that institutional or high-net-worth investors are taking notice of ONDO’s potential and may be positioning themselves for a significant upswing.
In addition to these developments, technical indicators have also presented some interesting insights. The STOCH RSI currently sits at 3.76, suggesting oversold conditions that could potentially trigger a short-term rebound. Meanwhile, the MACD remains negative but is slowly narrowing its gap between lines, hinting at diminishing bearish momentum.
While challenges still exist within the market, this confluence of factors indicates that ONDO may be building a case for a significant rally. As the token continues to trade within key support and resistance levels, it’s crucial for investors to pay close attention to these two key areas: whale accumulation and large-value transactions.
A possible price breakout could see ONDO surpassing $2.00 in the coming weeks.
Source: ambcrypto.com
