Home Altcoins News ONDO Whale Locks in $2.9M Profit, Eyes Breakout or Decline

ONDO Whale Locks in $2.9M Profit, Eyes Breakout or Decline

ONDO Price

Ondo Finance (ONDO) has recently witnessed notable whale activity that could signal an impending shift in its price trajectory. A large investor has deposited 5.7 million ONDO tokens into Coinbase, locking in an impressive $2.9 million profit. Over the past year, this whale had initially withdrawn the tokens for $5.12 million, but their value has now surged to $8.02 million, prompting speculation about ONDO’s future direction.

The whale’s decision to take profits raises the question: Is this indicative of a broader bullish trend for ONDO, or is it a temporary fluctuation before another downturn? ONDO has been consolidating within a symmetrical triangle, a chart pattern often suggesting an imminent breakout or breakdown. Currently, the price bounces between key support at $1.23 and resistance at $1.58. At press time, ONDO was trading at $1.34, down 0.16% in the last 24 hours, with the Relative Strength Index (RSI) at 48.89, signaling neutral momentum—neither overbought nor oversold.

The symmetrical triangle is crucial in determining the next price move for ONDO. A successful breakout above the resistance could propel the token to higher price levels, potentially signaling further bullish activity. On the other hand, failure to break above this level could lead to a decline. Therefore, traders are keeping a close eye on these key price points.

On-chain data reveals that 85.63% of ONDO holders are currently in profit, while only 2.87% are out of the money. This shows strong support at the current price of $1.34, suggesting that most holders are in positive territory. If the token maintains its current level, further buying interest could fuel upward movement. However, a shift in sentiment or a decline below critical support could lead to a price drop, adding pressure to the token.

The 24-hour liquidation heatmap further emphasizes the importance of the $1.34 to $1.35 range. These levels have been regularly targeted by liquidations, which indicates significant support or resistance. A drop below these levels could trigger more liquidations, pushing ONDO further downward.

In addition to whale activity and price dynamics, ONDO has recently formed a strategic partnership with World Liberty Financial (WLFI). This collaboration aims to advance the tokenization of real-world assets, allowing ONDO’s tokenized assets to integrate into WLFI’s network. This partnership could facilitate the adoption of treasury reserve assets and traditional financial assets on-chain, presenting further growth opportunities for ONDO holders. CEO Nathan Allman expressed excitement about the potential this partnership brings, stating, “We’re thrilled to work with World Liberty Financial to bring the benefits of tokenized real-world assets to their platform and users.”

While the whale activity and strategic partnership signal potential growth for ONDO, its price movement will largely depend on whether it can break the $1.58 resistance and sustain momentum. The neutral RSI suggests that the market is awaiting a definitive move, either upward or downward. As ONDO trades near critical levels, these factors suggest that it could experience a significant price movement in the near future. The token’s success in breaking its current consolidation phase could set the stage for a bullish continuation, while failure to do so could result in a retreat back to lower levels.

In conclusion, ONDO’s price action, whale activity, and promising partnership with WLFI indicate the token could be on the verge of a breakout. Traders and investors are advised to closely monitor the key technical levels to gauge the direction of the token’s next move.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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