AMBCrypto’s analysis of on-chain analytics firm IntoTheBlock has revealed a significant surge in ONDO Finance’s (ONDO) large transaction volume, which increased by a whopping 201% in the past 24 hours. This surge in transaction volume has caught the attention of the crypto community, especially following a successful retest of the breakout level on a weekly timeframe.
According to Coinglass, despite the spike in large transaction volume, long-term holders seem to be accumulating the ONDO token. Spot Inflow/Outflow data shows that exchanges have seen a substantial outflow of $5.4 million worth of ONDO tokens. In the world of cryptocurrencies, an outflow of tokens from exchanges to wallets typically indicates accumulation, creating buying pressure and driving upward momentum.
In terms of price prediction, ONDO is currently undergoing a correction phase after experiencing a 22% rally on the daily timeframe. However, on the weekly timeframe, the token has successfully retested the breakout level and formed a bullish Harami candlestick pattern at a key support level.
Based on recent price action, if ONDO manages to stay above the $1.30 level, there is a strong possibility that it could surge by 40% to reach the resistance level at $2.13 in the future. Additionally, ONDO’s Relative Strength Index (RSI) is currently at 61, below the overbought zone, indicating potential upside momentum.
The major liquidation levels for ONDO are around $1.49 on the lower side and $1.55 on the upper side. Intraday traders seem to be over-leveraged at these levels, as per Coinglass analysis.
As of the time of writing, ONDO is trading near $1.52, with a slight decline of 1.2% in the last 24 hours. However, trading volume has surged by 21%, suggesting increased participation from traders and investors.
In conclusion, ONDO Finance’s recent surge in large transaction volume, coupled with positive price action and accumulation by long-term holders, paints a bullish picture for the token’s future price movements. Traders and investors will be closely watching to see if ONDO can maintain its momentum and potentially reach new highs in the coming days.