Ondo (ONDO) has experienced significant attention after a major whale made waves in the market by acquiring $5.34 million worth of ONDO. This move follows the whale’s loss of $14.14 million after selling off $PEPE and $BEAM holdings for $6.25 million in DAI. The whale’s entry into ONDO has raised curiosity in the market, particularly with ONDO’s price currently hovering at $1.11, reflecting a 10.16% increase in the last 24 hours. As the token continues to gain traction, traders are questioning whether the bullish momentum will last or if a market correction is on the horizon.

Whale’s Move Creates Buzz in ONDO Market

The whale’s purchase of $5.34 million DAI worth of ONDO at an average price of $1.17 signals a growing interest in the token. At the time of writing, ONDO has increased by 10.16%, reaching $1.11, which has fueled a significant uptick in market attention. This surge follows the release of recent statistics that suggest ONDO’s ecosystem is seeing increasing user participation. The number of new addresses has risen by 15.39% over the last week, while active addresses have jumped by 36.14%, indicating a growing interest in the token.

Additionally, there has been a notable 27.05% increase in zero-balance addresses, indicating a higher level of engagement from users who are not yet holding substantial amounts of ONDO. These trends point toward a broader interest in the token, suggesting that ONDO might continue to see increasing market growth in the near future.

Key Price Levels and Market Sentiment

Ondo has been trading within a descending channel since January 2025. The price has faced resistance at $1.25 and support around $1.00. As of now, ONDO is trading at $1.11, and a breakout above $1.25 could lead to a price surge toward $1.50 and potentially $1.80. On the flip side, if ONDO fails to hold above the $1.00 support, there could be a further price pullback.

The sentiment of ONDO holders is mostly positive, with approximately 79% of addresses being “in the money” and holding tokens purchased below $1.12. However, traders who bought at higher prices may experience heightened risk if the token fails to maintain support levels. While the majority of holders remain profitable, those who entered at higher price points could face losses if the price declines.

Liquidation Pressure and Bearish Sentiment

Despite the positive price action in the last 24 hours, the liquidation data suggests there is some bearish sentiment in the market. Open Interest (OI) has increased by 13.70%, signaling an expectation of price volatility. However, there is a significant imbalance between long and short liquidations. Long positions are facing $603.42K in liquidations, while short positions have seen only $25.53K in liquidations. This imbalance suggests that a majority of traders are being forced out of long positions, adding downward pressure to the market.

Whale’s Investment: A Risky Bet?

The whale’s $6.25 million investment into ONDO could be a bold move, but it’s not without risks. With key resistance levels in play and liquidation trends suggesting bearish sentiment, there’s potential for a price correction before the token can break out. However, ONDO’s recent rise has raised confidence in the market, as demonstrated by the increase in new addresses and active user participation.

For now, the market is at a crucial juncture, with traders looking closely at key levels. If ONDO can break through the $1.25 resistance, the next targets could be $1.50 and $1.80. However, if the token fails to maintain support at $1.00, a further downside could materialize. Traders should remain vigilant as they navigate the price action and sentiment surrounding ONDO.