Ondo (ONDO) Token Sees Major Bull Rally, Hits New All-Time High

• ONDO surges 93% in 5 days, hitting a new high of $0.9744 amid massive trading activity.
• ONDO’s market cap and trading volume leap by 24% and 153%, showcasing investor confidence.
• Whale withdrawals from exchanges hint at long-term holding strategies for ONDO.

Ondo (ONDO) price has been in a bullish rally in the last few days, making significant strides that have caught the attention of the crypto community. The remarkable increase in the price and trading volume of ONDO suggests that this token could be emerging as a significant player in the Decentralized Finance (DeFi) sector, particularly in the energy space. 

This bullish rally, which has had the upper hand even in the last 24 hours, has propelled the ONDO price to an all-time high of $0.9744 in the previous five hours. At press time, ONDO was exchanging hands at $0.9352, a 24.6% surge from the intra-day low of $0.7211. Concurrently, ONDO’s market capitalization and 24-hour trading volume surged by 24% and 153%, respectively, to $1,294,920,533 and $443,212,993.

Recent Price Surge and Trading Activities

The ONDO token has experienced an unprecedented surge in its price, with a recent report indicating a dramatic increase of approximately 93% over five days. On March 22, a significant transaction was observed when the OndoFinance multisign wallet, identified as 0x677, deposited 49.9 million ONDO tokens, valued at $36.38 million, into a Coinbase account for $0.729 per token. 

Subsequently, ten new wallets withdrew approximately 49.7 million ONDO tokens, worth around $36.9 million, from Coinbase at an estimated price of $0.743 per token, realizing a profit of $9.93 million (26.9%) in just three days. This sequence of transactions has led to speculation regarding whether this was an over-the-counter (OTC) deal or part of a larger strategic move within the ONDO ecosystem.

Concurrently, an account tagged as “0x56F9” has withdrawn 6.53 million ONDO tokens, equivalent to approximately $5.88 million, from the Bybit exchange over the past month. This withdrawal signifies a considerable accumulation of tokens, indicating confidence in the token’s future performance.

Furthermore, a newly created wallet identified as “0x92dD” has also been active, withdrawing 1.98 million ONDO tokens, valued at around $1.78 million, from the Gate.io exchange in the past hour.

Additionally, another account, “0xE6bf,” removed 937,600 ONDO tokens, worth about $845,000, from Gate.io eight hours ago. These movements underscore a trend where significant sums of ONDO are being transferred out of exchanges, a pattern often associated with long-term holding strategies and a positive outlook on the token’s value.

ONDO/USD Technical Analysis

On the ONDO/USD 4-hour price chart, the widening Bollinger bands, with the upper and lower bands touching $0.94309 and $0.60665, indicate that the price is very volatile. However, the price movement has broken through the upper hand and is now trading above it, signaling a likely positive trend. This might be a hint for traders to consider taking long positions in expectation of future price increases. On the other side, if the price fails to stay above the upper range, it may signal a reversal or correction.

In addition, the Relative Strength Index (RSI) rating of 75 also shows that the asset may be overbought, which further supports the potential for a drop. This trend implies that caution should be used, as the combination of strong volatility, breaking the upper band, and an overbought RSI may result in a price drop. 

However, the Chaikin Money Flow (CMF) trend upwards with a rating of 0.16 suggests that there is still purchasing pressure in the market, which may support the price at higher levels. If the CMF continues to show positive momentum, it may counteract the overbought indications from the RSI and Bollinger Bands, extending the current advance.