Ondo Finance (ONDO) has been experiencing price action that has approached a significant resistance level at $1.75. This resistance has previously acted as a barrier for ONDO’s price movements, making it a key point for potential breakout analysis. The volume profile of ONDO’s price chart also showed the Point of Control (PoC) near the $1.75 level, indicating significant trading activity in that area.
The analysis of ONDO’s hourly chart suggests that if the $1.75 resistance level can be breached and converted into support, there could be a potential 30%-40% bullish rally. This anticipated rally above $1.75 could lead to a target region around $3.00 if the breakout is sustained. The increasing volume accompanying the price’s approach to the resistance level suggests rising momentum and trader interest, which could fuel the breakout.
Another factor to consider is the whale accumulation of ONDO crypto, as large investors have been acquiring significant amounts of ONDO tokens. Recent transactions have shown a whale accumulating 1,085,120 ONDO tokens, valued at approximately $1.83 million. This accumulation pattern by whales reflects ongoing interest and investment in ONDO, which could potentially influence price movements in the crypto market.
The Global In/Out of the Money for ONDO, relative to the current price of $1.71, indicates that 91.73% of addresses holding ONDO are ‘In the Money’, meaning most investors are currently profiting from their holdings. This optimistic sentiment is further supported by the fact that 0.00% of holders are ‘Out of the Money’, indicating no current holders are at a loss. Additionally, 8.27% of holders are ‘At the Money’, having purchased around the current price level.
The dominance of profitable holders and the overall positive sentiment among investors suggest the potential for ONDO crypto to reach $3 in the near term. The confidence from high-net-worth investors, coupled with the ongoing profitability among holders, could potentially drive the price of ONDO upward. With the possibility of a breakout above the $1.75 resistance level and the support from profitable holders, ONDO may see a significant bullish rally towards $3.
