Ondo (ONDO) has experienced a remarkable 10% surge in the past 24 hours, showing signs of reclaiming key levels and breaking out of its recent downtrend. This surge comes at a time when most of the market is moving sideways, leading some analysts to believe that the token’s price could reach a new all-time high (ATH).
ONDO Targets Rally To New ATH
On Friday, the tokenized real-world asset (RWA) platform Ondo Finance witnessed its native token leading the crypto market with an impressive 11% daily surge. The cryptocurrency surpassed the $1.50 mark for the second time in the week, reigniting investor sentiment towards the token.
Over the last three months, the token has seen a significant 120% increase, rising from the $0.60 mark to its current price range. The post-election rally pushed the cryptocurrency to its latest ATH of $2.14, driven by a buying spree from Donald Trump’s DeFi project.
In December, Trump’s World Liberty Financial (WLF) made a crypto purchase worth $45 million, acquiring millions in Ethereum (ETH), Chainlink (LINK), Aave (AAVE), and other tokens. Midway through the month, WLF bought 134,216 ONDO tokens for 250,000 USDC, pushing ONDO’s price above the $2 mark. However, the cryptocurrency’s bullish momentum was halted after the market correction on December 19, causing ONDO to retrace to $1 in the following days.
Since then, ONDO has struggled to reclaim the $1.60 resistance level, fluctuating between the $1.09 and $1.45 price range for most of the month. Crypto trader Miky Bull highlighted the token’s bullish performance as it attempted to break out from its downtrend.
The crypto has been in a one-month downtrend since reaching its latest ATH, with an attempted breakout at the start of the year. Today, the token is once again trying to break out, currently holding above the downtrend line. The breakout could target the $2-$3 price range, but the cryptocurrency needs to stay above the $1.30 level to confirm the break.
New Pro-Crypto Administration To Fuel American Tokens?
Market observers have noted that ONDO has reclaimed a key level after its recent performance, potentially supporting a rally towards a new ATH. The token has reestablished its previous ATH level, which was a critical resistance before the December pump and served as significant support during market corrections.
Altcoin Sherpa also pointed out ONDO’s strong performance, stating that the cryptocurrency’s chart looks robust and could benefit from a pro-crypto administration. Analyst Ted Pillows suggested keeping an eye on Trump and his wallet, including tokens like ONDO, as they are expected to perform well in the next market upswing.
A “Made in the USA” category was created on platforms like CoinGecko and CoinMarketCap for Trump’s inauguration, including tokens like ONDO, TRUMP, SUI, Solana (SOL), Cardano (ADA), and XRP. Crypto leaders and investors anticipate that these tokens could be the next big narrative, driven by the new US industry-friendly government and the expected shift from the previous administration’s approach of regulation by enforcement.
As of the latest data, ONDO is trading at $1.51, a 20% increase in the weekly timeframe.
In conclusion, Ondo (ONDO) is showing promising signs of a potential rally to a new all-time high, boosted by positive market sentiment and the influence of a pro-crypto administration in the United States. Investors are keeping a close watch on ONDO’s performance as it attempts to break out of its recent downtrend and continue its bullish trajectory.