Will ONDO Finance Soar 40% to Hit $2.13? Here's What the Data Shows

AMBCrypto's look at on-chain analytics firm IntoTheBlock revealed that Ondo Finance's [ONDO] large transaction volume surged by 201% in the past 24 hours.

Cryptocurrency market intelligence platform IntoTheBlock highlighted a 201% surge in large transaction volume for Ondo Finance’s [ONDO] native token.

This substantial increase occurred over the past 24 hours and has not gone unnoticed by the crypto community.

The surge in large transaction volume comes after ONDO successfully retested the breakout level on a weekly timeframe, as noted by AMBCrypto’s analysis of IntoTheBlock’s data.

According to Coinglass, despite the large transaction volume, long-term holders appear to be accumulating the token.

Data from Spot Inflow/Outflow revealed an impressive outflow of $5.4 million worth of ONDO tokens from exchanges.

In the world of cryptocurrencies, outflow often indicates accumulation, as the asset moves from exchanges to wallets, creating buying pressure and driving an upward price momentum.

At press time, ONDO was undergoing a price correction after rallying more than 22% on the daily timeframe.

However, on the weekly timeframe, the token successfully retested the breakout level and formed a bullish Harami candlestick pattern at a key support level, as identified by AMBCrypto’s analysis of TradingView data.

Based on recent price action, if ONDO manages to maintain its position above the $1.30 level, there is a strong possibility it could soar by 40% to reach the resistance level at $2.13 in the future.

Adding to the positive outlook, ONDO’s Relative Strength Index (RSI) was 61 at press time, which is below the overbought zone and suggests potential upside momentum, according to AMBCrypto’s analysis.

Major liquidation areas for the token were close to $1.49 on the lower side and $1.55 on the upper side, with intraday traders appearing over-leveraged at these levels, as indicated by Coinglass data.

As reported by AMBCrypto, ONDO was trading near $1.52 at the time of writing, having experienced a slight price decline of 1.2% over the past 24 hours.

However, during the same period, its trading volume surged by 21%, indicating increased participation from traders and investors.