Whale activity suggests a potential price increase against Ondo, but market consolidation continues.
Strong holder support and strategic partnership with WLFI pointed to future growth potential.
Recently, a key whale deposited $5.7 million in tokens at Coinbase, locking in $2.9 million in profits.
Initially, the whale withdrew its token for $5.12 million over the past year, but its value has skyrocketed to $8.02 million.
This dramatic price movement raises questions: Does this whale’s behavior show a broader trend? ondo (ondo)or is it short-term fluctuations before another recession?
ONDO Chart Analysis: Is a breakout imminent?
Ondo is integrated within a symmetrical triangle and often indicates a potential breakout or failure. The price bounces between major support at $1.23 and $1.58 resistance.
At the time of pressing, the token was trading at $1.34, a 0.16% decrease over the past 24 hours.
RSI stood at 48.89 at the time of writing, showing neutral momentum that was neither acquired nor oversold. A breakout that outweighs resistance could drive the token to a new high.
If it doesn’t break, it can lead to further reductions. Investors will need to watch these important levels in the coming days.
Source: TradingView
What does money data reveal?
The latest on-chain data shows that 85.63% of $ondo owners are included in the money, suggesting a positive return in most cases. Furthermore, 2.87% of holders are out of money, while 11.50% remains in money.
These statistics point to strong support for the current price of $1.34, with most investors in profitable positions. If $ ondo maintains its current level, we were able to see the ongoing purchase interest.
However, emotional changes can put pressure on the token, especially if its price falls below critical support.
Source: IntotheBlock
The liquidation heat map shows important levels
The 24-hour liquidation heat map shows significant levels of liquidation at around $1.34 and $1.35. These levels have been consistently targeted by liquidation, suggesting strong resistance or support depending on the direction of price movement.
When Ondo falls below these levels, a cascade of liquidation will appear, further downside.
Source: Coinglass
Strategic partnership between finance and WLFI
Ondo Finance recently announced something strategic partnership World Liberty Financial (WLFI) is working to tokenize real-world assets.
This collaboration allows ONDO tokenized assets to be integrated into the WLFI network, allowing for the adoption of Treasury reserve assets and traditional financial assets. “We’re looking forward to seeing you in the world,” said Nathan Allman, CEO of Ondo Finance.
“We are excited to work with World Liberty Financial to bring the benefits of tokenized real-world assets to the platform and users.”
This partnership could open new avenues for Ondo owners and boost the value and adoption of tokens.
Will Ondo escape or fall back?
Given the whale’s activities, key technology levels and promising partnerships, Ondo appears to be poised for growth.
However, it depends on whether you can surpass the resistance level and maintain momentum. However, the chances of breakouts remain high based on current metrics.