The ONDO token has seen its large transaction volume soar by 201% over the past 24 hours, capturing the attention of crypto traders and analysts alike. This dramatic surge in whale activity comes after ONDO successfully retested a breakout level on the weekly chart, drives speculation that the token could be on the brink of a significant price rally.

Whale Activity: What’s Behind the Surge?

According to on-chain analytics from IntoTheBlock, the surge in large transaction volume is one of the most significant developments in the ONDO market in recent days. This sharp increase in whale activity has drives interest in the potential price implications, as traders and investors closely monitor the movements of large holders of the token.

The large transaction volume has followed a retest of a key breakout level, which is often a sign of confidence in the asset’s long-term bullish potential. This breakout level has been a point of interest for technical analysts, who are watching to see if ONDO can maintain its position above this level for sustained upward momentum.

Despite the surge in whale activity, long-term holders of ONDO appear to be accumulating the token. Data from Coinglass shows that the asset is experiencing significant outflows from exchanges, with a total of $5.4 million worth of ONDO tokens leaving exchanges in recent days. This is generally seen as a bullish signal, as it indicates that investors are moving their tokens to private wallets, potentially for long-term holding rather than immediate selling.

Price Prediction: Could ONDO Soar by 40%?

At the time of writing, ONDO is experiencing a price correction after rallying over 22% in a single day. However, analysts are still optimistic about the token’s future. On the weekly chart, ONDO has successfully retested its breakout level and is forming a bullish Harami candlestick pattern, which could signal further price increases.

If ONDO can maintain its position above the $1.30 mark, there is a strong possibility that the token could surge by 40%, reaching the next resistance level at $2.13. The Relative Strength Index (RSI) for ONDO is currently at 61, which is below the overbought threshold, indicating that there may still be room for upward momentum before the market reaches overbought conditions.

Major Liquidation Levels and Market Sentiment

While ONDO’s whale activity is certainly attracting attention, the market is also seeing notable liquidation levels that could influence the token’s price movement. According to Coinglass, ONDO’s major liquidation areas are around the $1.49 and $1.55 levels. These levels are critical, as they represent key points where traders have been over-leveraged, and any price movements through these areas could trigger liquidations and add volatility to the market.

Despite these potential liquidation pressures, ONDO’s overall market sentiment remains bullish, especially given the recent surge in whale activity and the ongoing accumulation by long-term holders. Traders are closely monitoring the $1.30 support level, as maintaining this price could set the stage for the anticipated 40% rally.

What’s Next for ONDO?

As of now, ONDO is trading near the $1.52 mark, experiencing a modest price decline of 1.2% over the past 24 hours. However, its trading volume has surged by 21%, indicating that there is still strong participation in the market despite the slight price correction.

Looking ahead, the key question for ONDO is whether it can maintain its position above the $1.30 level. If it does, the potential for a 40% rally to the $2.13 resistance level becomes increasingly likely. With whale activity and strong accumulation trends suggesting that ONDO is poised for upward movement, investors will be watching closely to see if the token can continue its bullish trajectory in the coming days and weeks.

As the market evolves, ONDO’s price movements will likely be influenced by a combination of whale activity, technical indicators, and broader market sentiment. With heightened trading volumes and strong support levels in place, ONDO may be on the cusp of a significant price breakout that could benefit traders and long-term holders alike.