ONDO (Ondo) is attracting attention for its growing market activity and technical signals that suggest a possible price surge. With key indicators showing increased whale activity, rising transaction volumes, and potential bullish momentum, ONDO could be gearing up for a breakout in the near future. But is it ready to soar, or is this just another market trend? Here’s what traders need to know.

Whale Activity Signals Confidence in ONDO

One of the most notable developments in ONDO’s market is the re-entry of a large player, or whale, into the market. This entity has re-purchased a staggering $7.87 million worth of ONDO, spread across five separate wallets. The largest transaction amounted to $2.46 million for 1.64 million ONDO tokens, signaling strong confidence in the asset.

This accumulation is particularly noteworthy given that the whale had previously sold off its holdings just a week prior. The re-entry indicates that this investor sees value in ONDO at its current price levels and is positioning themselves for a potential future rally.

At the time of writing, ONDO was trading at $1.43, down by 2.15% in the last 24 hours. While this recent dip may have raised some concerns among traders, the whale’s re-entry suggests that the token could be due for a price rebound.

Key Price Levels to Watch

For ONDO, the next few days will be critical in determining whether it can break through key price levels. The token has been battling to hold its support zone between $1.40 and $1.50 after experiencing a pullback from a high of $2.00 earlier this month.

Resistance at $1.79 remains a significant hurdle for the bulls. If ONDO can push past this level, it could potentially see a price increase toward the $2.30 mark. However, if the support zone fails to hold, ONDO might experience a further decline, testing the $1.20 level. This range is crucial, as it could determine whether the token moves into a bullish or bearish phase.

Traders should monitor these levels closely, as breaking through resistance or falling below support could set the stage for significant price movement in either direction.

Transaction Volume on the Rise

Another important factor to consider is the rising transaction volume, particularly among large-value transfers. There has been a notable increase in transactions between $10,000 and $100,000, which surged by 156.73% in the past week. Meanwhile, transactions exceeding $1 million have increased by 100%, suggesting growing institutional interest in ONDO.

This uptick in large transactions points to a shift in the market, with high-net-worth investors and institutions starting to position themselves for potential future gains. Such activity could add stability to ONDO’s market and provide the momentum needed for a price breakout.

ONDO’s Technical Indicators: Signs of Bullish Momentum?

Technical indicators are also showing signs that ONDO could be due for a price reversal. The Stochastic RSI (Relative Strength Index) currently sits at 3.76, which indicates that the token is in oversold territory. This suggests that ONDO may be due for a short-term rebound.

Additionally, the MACD (Moving Average Convergence Divergence) indicator remains negative at -0.069, but the gap between its lines is narrowing. This could indicate that bearish momentum is weakening, and a shift toward bullish movement may be on the horizon.

If these technical signals align with the rising market interest, ONDO could experience a reversal in its downtrend, making it a potential candidate for a price surge.

Mixed Sentiment Among Investors

The address activity for ONDO presents a mixed picture of investor sentiment. While new addresses have increased by 0.72%, indicating continued interest in the token, the number of active addresses has decreased by 6.73% over the past week. This suggests that some traders are holding off on making moves while others are re-engaging with their positions.

The decline in zero-balance addresses by 9.04% shows that some investors are becoming more active with their holdings. However, the overall sentiment remains somewhat cautious, with traders weighing their options carefully as they watch for clearer market signals.

What’s Next for ONDO?

As whale accumulation continues, large transactions rise, and technical indicators show potential for a price rebound, ONDO seems to be building a case for a potential breakout. If the token can break through its resistance levels and maintain support, it could see a move toward $2.00 or higher in the coming weeks.

However, as with all cryptocurrencies, there are risks involved. ONDO’s future price action will depend on its ability to hold its support zone, overcome resistance, and maintain growing market interest.

Traders should continue to monitor ONDO’s price levels, transaction volume, and technical indicators closely to assess whether the token is ready for a significant price surge or if it will continue to face challenges.