The post Is a 5x Rally Possible for ONDO Price From Current Levels? appeared first on Coinpedia Fintech News
Recently, the ONDO price has shown remarkable resilience with a sharp rebound coming from $0.94 to $1.05. This was supported by rising trading volumes, whale activity, and positive technical indicators, which now hint at a strong bullish setup for August.
ONDO Price Stabilizes After Brief Correction
On the daily technical ONDO Finance chart, it experienced a strong rally in July, rising from $0.66 to $1.13, but faced a temporary pullback to $0.94, which was in line with the broader crypto market sell-off.
Yet, the dip to $0.94 was quickly bought up, with the ONDO price today rebounding to $1.05 at the time of writing. This quick recovery, based on technical and on-chain metrics, hints at a potential continuation of the upside rally.
That said, the spot volume intraday surged by 40.65%, reaching $209.37 million, and it has good liquidity backed by a healthy Vol/Market Cap ratio of 6.29%. This off-chain data is firmly underlining that the market participation is increasing as July nears its end.
Whales, Volume, and TVL Fuel Bullish Sentiment
Investor confidence is also visible in ONDO crypto’s strong fundamentals. The project’s DeFi data, such as TVL, suggests investors’ trust is rising as it is hovering near its all-time high at $1.376 billion, according to DeFiLlama.
The platform also displays that its weekly revenue has consistently stayed near the $1 million mark since late June, highlighting growing adoption and protocol usage.
In parallel, Santiment on-chain data shows a sharp increase in whale activity, with 22 whale transactions over $1 million recorded on July 27 alone. Supporting this, ONDO crypto’s supply distribution metric indicates accumulation by large holders in the “10 million to 100 million ONDO bracket”, suggesting that whales are positioning for further upside.
Derivatives Data Confirms Bullish Bias
A look at the ONDO Finance derivatives market data further supports the growing bullish outlook.
For instance, the Open Interest in ONDO futures has jumped to $494.52 million, while derivatives volume has risen 38.7%, hitting $685.29 million.
Moreover, the “OI-weighted funding rate” has turned increasingly positive, suggesting that long positions are dominating.
These metrics collectively hint that bulls are preparing for another leg up in the ONDO price USD, especially as technical levels align with fundamental growth.
Chart Patterns Point to Major Upside in August
According to a technical breakdown by The Wyckoff Architect, the ONDO price chart is forming an ascending broadening wedge. The analyst also highlights an ascending trendline resistance, which has acted as a price magnet historically. This analyst is projecting an ambitious 5x upside to $5 based on long-term chart patterns and momentum.
Meanwhile, Ali Martinez shows horizontal resistance and support-based analysis that reveals that if the ONDO price breaks past its recent $1.13 resistance, analysts expect a swift move towards $2 in August.
Therefore, as the ONDO Finance price today hovers around key support and resistance levels, the ONDO price prediction for early August remains optimistic.
