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

ONDO, the native cryptocurrency of Ondo Finance, has been on a serious worth surge gaining a staggering 150% during the last week. Now, the Ondo worth is eyeing an important breakout above $1 with the intention to proceed the rally additional.

ONDO Investor Base Doubles In A Month

Within the earlier week, the value of ONDO skilled a notable surge, leaping from $0.40 to $0.90, successfully doubling its holder base inside a single month.

Through the early months of 2024, ONDO noticed a constant uptrend in its investor rely, with day by day additions ranging between 100 to 300 new buyers. This gradual development development was notably evident on February twenty sixth, because the variety of holders reached 4,872.

Nevertheless, in direction of the tip of March, the expansion trajectory accelerated considerably. By March twenty fifth, the variety of ONDO holders surpassed the ten,000 milestone, marking a considerable achievement. This surge in holders represents a greater than twofold improve within the investor group inside only one month. This surge carefully correlates with the spectacular uptick in ONDO’s worth, rising from $0.40 on March nineteenth to $0.95 on March twenty fifth.

Then again, the ONDO MVRV Ratio (Z Rating) drew consideration with a pointy rise from 1.39 to three.57 signaling a potential pullback earlier than the subsequent leg of upmove. At press time, the Ondo worth is down 1.96% buying and selling at $0.9403.

Cryptocurrency analysts anticipate that ONDO would possibly bear a correction to $0.84 earlier than embarking on additional upward actions.

Crypto Whales on Accumulation

Current knowledge from Lookonchain has unveiled a surge in whale exercise surrounding real-world asset tokens, with specific emphasis on Ondo Finance. Over the previous month, notable transactions have illuminated a development of great investments in these tokens, reflecting rising confidence of their potential.

Among the many noteworthy transactions:

A whale related to the handle “0x56F9” withdrew a staggering 6.53 million ONDO tokens, amounting to roughly $5.88 million, from Bybit.
One other rising pockets, recognized as “0x92dD,” made a considerable withdrawal of 1.98 million tokens, valued at round $1.78 million, from Gateio.
Pockets “0xE6bf” executed a transaction involving 937,600 ONDO tokens, equal to roughly $845,000, additionally from Gateio.

These important actions point out a heightened curiosity amongst whales in buying real-world asset tokens, notably Ondo Finance.