ONDO (ONDO) has been making waves in the cryptocurrency market, surging more than 15% in just 24 hours. As of the latest data, ONDO is trading at $1.01, following a significant breakout from its previous descending channel. This momentum has raised speculation about the potential for even more impressive gains. Analysts are pointing to two critical factors that could drive ONDO’s price up by as much as 66% in the near future.

A Bullish Breakout: The Technical Setup

ONDO’s recent price action has broken through key resistance levels, signaling the potential for a significant upward move. The cryptocurrency has been consolidating within a descending channel for some time, but recent price movement suggests that ONDO is ready to enter a bullish phase.

At press time, ONDO has formed an inverted head and shoulders pattern on its chart, which is typically a bullish signal. The key neckline for this pattern sits at around $1.60, and if ONDO can break through this resistance, analysts believe the token could surge by up to 66%.

Currently, ONDO has found support at $0.90, a level that buyers are eager to defend. If ONDO can hold above this support, the path toward $1.60 looks increasingly likely.

The Surge in Whale and Institutional Activity

What’s fueling this surge in ONDO’s price? A closer look at the on-chain data provides some answers. One of the most striking developments is the significant increase in large holder netflow, which has surged by a staggering 6,473.97% over the past week. This indicates a strong accumulation trend among large investors, particularly institutional players who are positioning themselves for potential growth.

In addition to whale activity, there has been a notable rise in active addresses, up by 47.15%, signaling growing market interest. The influx of new addresses shows that fresh capital is entering the ONDO market, further bolstering its bullish outlook.

The combination of increased whale accumulation and rising retail interest suggests that investor confidence in ONDO is growing, and the market’s appetite for the token is strengthening.

Institutional Investors Powering the Rally

ONDO is increasingly catching the eye of institutional investors. Transaction data reveals that the number of transactions in the $10k to $100k range has surged by 140.14%. This is a clear indication that larger investors are taking a position in ONDO, further adding to the market’s liquidity and driving its price upward.

As institutional interest continues to rise, ONDO is likely to experience sustained bullish momentum. These investors bring not only capital but also confidence, which could help propel ONDO’s price toward new highs in the coming weeks.

The Derivatives Market Confirms Bullish Sentiment

The derivatives market also provides a strong signal that ONDO’s rally could continue. The total volume of ONDO derivatives has surged by 114.45%, reaching $1.38 billion, while open interest has risen by 36.16%, now standing at $408.67 million.

These metrics suggest that traders are expecting further price movement, with many holding long positions in anticipation of price gains. As the derivatives market continues to grow, it supports the idea that ONDO is on track for further upward movement.

What’s Next for ONDO?

Given the strong technical setup, the surge in whale and institutional interest, and the positive sentiment in the derivatives market, ONDO appears poised for continued growth. If the cryptocurrency can break through the $1.60 resistance level, the next phase of its rally could be substantial, with some analysts predicting a 66% rise in price.

However, it’s important to keep an eye on market sentiment and technical indicators to ensure that ONDO can maintain its bullish momentum. As long as the support at $0.90 holds and investor confidence remains strong, ONDO’s outlook remains favorable.

Conclusion

ONDO’s recent surge, coupled with strong accumulation patterns and growing institutional interest, signals that the cryptocurrency could be on the verge of significant price gains. If ONDO can break through key resistance levels, it may be set for a 66% price increase. Investors and traders alike will be watching closely to see if ONDO can maintain its bullish momentum and continue to rise in the coming weeks.