The ONDO price has surged by over 5.61% in the past 24 hours, even amidst the bloodbath in the global cryptocurrency market. This rise followed reports of significant acquisitions by whale investors, including a major company that appears to be capitalizing on the price drops.
The global crypto market experienced a sharp decline, with market capitalization decreasing by more than 2.69%, and Bitcoin fell below $97,000. Other top altcoins, such as Ethereum, Ripple (XRP), Solana (SOL), and Shiba Inu (SHIB), are also suffering losses ranging from 4% to 12%.
Earlier today, Ondo Finance’s price also declined before recently rebounding as bulls took control. It started the trading day at approximately $1.53, dropped to a low of $1.38, reached a 24-hour high of $1.68, and has now stabilized around $1.60 at the time of this writing.
ONDO/USD | TradingView
Whale investors are buying the dip
The Ondo Finance token has seen a price rise, which aligns with a 171.74% increase in its trading volume, now over $684 million. This indicates a growing interest among crypto traders and investors.
Meanwhile, on-chain data shows that a Crypto Whale has invested in Ondo Finance as the positive trend continues. SpotonChain reported that a whale created a new wallet and spent 4,611 Ethereum coins, worth $17.14 million, to buy Ondo tokens.
Massive $ONDO purchase detected!
This whale created a new wallet 11 hours ago and has since spent 4,611 $ETH ($17.1M) to buy 10.978M $ONDO at an average price of $1.553 during the market crash.
Follow @spotonchain and track this whale’s address at https://t.co/t3unrYyZMN pic.twitter.com/GDEYAYt7Ux
— Spot On Chain (@spotonchain) December 10, 2024
In exchange for this Ethereum, the whale received 10.978 million Ondo tokens at an average price of $1.553 during the day’s price drop.
Additionally, reports indicate that Upbit, the largest crypto exchange in South Korea, is heavily buying ONDO tokens. From July to November, Upbit increased its ONDO holdings from 50 million to 185 million tokens, representing 1.86% of the total supply.
Recently, Upbit has stepped up its buying efforts to take advantage of the market dips, bringing its holdings to approximately 2.1163% of the total supply.
🚨WHILE YOU’RE PANICKING, UPBIT IS BUYING THE $Ondo DIP
They now own 2.1163% of all $Ondo 🚀 https://t.co/e5aMkEFeal pic.twitter.com/5VNVqCheoy
— Not Telling (@nottellingyou73) December 9, 2024
ONDO price eyes a new all-time high
The price of ONDO is currently 16.33% lower than its all-time high price of $1.93, which it reached on December 4. Ondo Finance currently has a strong chance of rising prices.
With the coin trading at $1.62 and a slight daily increase, most indicators suggest that ONDO may continue to increase.
The Bull Bear Power indicator on TradingView suggests a “Buy,” meaning buyers have taken control of the market. The RSI stands at 65.13, indicating that ONDO is getting close to overbought territory but still has room to grow before facing major resistance.
In the short term, the ONDO price will likely test resistance at $1.75 before reaching its previous high of $1.93. Given the current trends and market mood, breaking through $1.93 seems possible, especially if trading volumes rise. Important resistance points to watch are $1.80 and $1.93, with solid support at $1.50, which aligns with the 20-period Volume-Weighted Moving Average (VWMA).
If ONDO goes past its high of $1.93, the next price target could be around $2.20 to $2.30, a potential increase of about 15% to 20% from its previous high.
A breakout beyond $2.30 could also lead to new highs, depending on the overall market conditions, ecosystem updates, and ongoing buyer interest.
Read more: Dogecoin Price Prediction: Time to Sell DOGE and Go Away?
