Ondo (ONDO) Price Eyes Breakout Above $1 Amid Strong Investor Interest

ONDO, the native cryptocurrency of Ondo Finance, has been on a major price surge gaining a staggering 150% over the last week. Now, the Ondo price is eyeing a crucial breakout above $1 in order to continue the rally further.

ONDO Investor Base Doubles In A Month

In the previous week, the price of ONDO experienced a notable surge, jumping from $0.40 to $0.90, effectively doubling its holder base within a single month.

During the early months of 2024, ONDO observed a consistent uptrend in its investor count, with daily additions ranging between 100 to 300 new investors. This gradual growth trend was particularly evident on February 26th, as the number of holders reached 4,872.

However, towards the end of March, the growth trajectory accelerated significantly. By March 25th, the number of ONDO holders surpassed the 10,000 milestone, marking a substantial achievement. This surge in holders represents a more than twofold increase in the investor community within just one month. This surge closely correlates with the impressive uptick in ONDO’s price, rising from $0.40 on March 19th to $0.95 on March 25th.

On the other hand, the ONDO MVRV Ratio (Z Score) drew attention with a sharp rise from 1.39 to 3.57 signaling a possible pullback before the next leg of upmove. At press time, the Ondo price is down 1.96% trading at $0.9403.

Cryptocurrency analysts anticipate that ONDO might undergo a correction to $0.84 before embarking on further upward movements.

Crypto Whales on Accumulation

Recent data from Lookonchain has unveiled a surge in whale activity surrounding real-world asset tokens, with particular emphasis on Ondo Finance. Over the past month, notable transactions have illuminated a trend of significant investments in these tokens, reflecting growing confidence in their potential.

Among the noteworthy transactions:

• A whale associated with the address “0x56F9” withdrew a staggering 6.53 million ONDO tokens, amounting to approximately $5.88 million, from Bybit.
• Another emerging wallet, identified as “0x92dD,” made a substantial withdrawal of 1.98 million tokens, valued at around $1.78 million, from Gateio.
• Wallet “0xE6bf” executed a transaction involving 937,600 ONDO tokens, equivalent to approximately $845,000, also from Gateio.

These significant movements indicate a heightened interest among whales in acquiring real-world asset tokens, particularly Ondo Finance.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.