Ondo [ONDO] Breaks Free From Descending Channel, Showing Impressive Upward Movement

Ondo [ONDO] has recently broken free from its descending channel, showing impressive upward movement that has caught the attention of traders

Recently, Ondo [ONDO] broke free from its descending channel, showcasing impressive upward movement that has caught the attention of traders, fueling growing bullish sentiment.

Recently, Ondo [ONDO] broke free from its descending channel, showcasing impressive upward movement that has caught the attention of traders, fueling growing bullish sentiment.

At press time, ONDO was trading at $1.01, reflecting a 15.63% increase over the past 24 hours.

At press time, ONDO was trading at $1.01, reflecting a 15.63% increase over the past 24 hours.

Key takeaways:

Recently, Ondo broke out of its descending channel on the 4-hour chart, suggesting that a bullish phase could be in store.

At press time, the chart revealed an inverted head and shoulders pattern, which is known to foreshadow a potential price rise.

The neckline for this pattern lay near $1.60, a critical resistance level. If ONDO breaches this resistance, it could rise by up to 66%.

On the other hand, support remained at $0.90, which buyers are eager to defend. If the price maintains above this level, the path toward $1.60 becomes clearer.

Image: TradingView

The large holder netflow has surged by 6473.97% over the past week, indicating significant accumulation by institutional investors.

Active addresses have risen by 47.15%, further indicating that market interest is growing. The number of new addresses also shows an influx of fresh capital into the market.

These on-chain metrics point to rising investor confidence and a robust demand for ONDO, reinforcing its bullish potential.

Image: IntoTheBlock

Transaction data reveals that ONDO is increasingly attracting larger investors. Transactions in the $10k to $100k range have risen by 140.14%.

These larger transactions also contribute to higher overall market liquidity.

As institutional interest continues to rise, it could sustain bullish momentum for the token.

With traders positioning for further price gains, the derivatives market also confirms the growing bullish sentiment.

Volume has surged by 114.45% to $1.38B, and Open Interest has increased by 36.16%, now reaching $408.67M.

These changes signal that traders expect further price movement.

The rise in long positions shows that market participants are betting on continued price appreciation. Moreover, these derivatives metrics suggest that market sentiment remains positive.

Image: Coinglass

The combination of technical patterns, market activity, and derivatives data strongly suggests that ONDO is positioned for further gains.

The resistance at $1.60 is a key level to watch. If ONDO breaks through this level, the next phase of growth could be significant.

However, it’s crucial to monitor whether large holders continue accumulating and if market sentiment remains strong.

As long as investor confidence holds and the technical outlook stays favorable, ONDO could very well sustain its bullish momentum and move toward higher levels.