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Ondo Finance token, over the past 11 days, has seen a remarkable 75% increase, emerging as the most trending token in the cryptocurrency market. Defying the current market uncertainty, ONDO executed a high-momentum rally and reached a new peak of $1.3 today. Will this recovery extend, or will the slow price movement in the confirmation phase lead to a new correction?
ETH ETF Effects on ONDO
Since late March 2024, ONDO has largely traded sideways, oscillating between two horizontal levels of $1.042 and $0.69. The altcoin rebounded from support/resistance several times. This indicated the market’s uncertainty and narrow range formation. However, ONDO gained momentum amid the broader market recovery in mid-May and witnessed more aggressive buying pressure on Ethereum with the US SEC’s approval of the spot ETH ETF.
On May 23, the ONDO price showed a decisive breakout from the general resistance of $1.042, signaling the continuation of the current uptrend. With an intraday gain of 4%, this altcoin is currently trading at $1.28 and shows no signs of weakness yet.
Critical Report from Santiment
According to a recent analysis by the cryptocurrency analytics firm Santiment, the recent interest and increase in ONDO’s value are highlighted by significant network growth and increased trader activities. Santiment’s data revealed a significant increase in the number of non-empty ONDO wallets. On February 26, 5,110 non-empty wallets held ONDO.
As of May 26, this number rose to 33,225, marking an impressive 550% increase in just three months. This rapid growth in wallet numbers underscores the growing interest and adoption of the ONDO token within the cryptocurrency community. As the altcoin enters price discovery mode, the traditional pivot level indicates potential general resistance at $1.31 and then $1.55.
