ONDO, an altcoin, recently experienced a price surge following a massive sell-off by a major whale investor. While the token's recovery shows promising signs, its ability to maintain momentum and regain market confidence remains uncertain. Technical indicators suggest bullish potential, but resistance at a crucial level and mixed investor sentiment present challenges.
market by selling 10.97M ONDO for $13.57M USDC, incurring a massive $3.8M loss after just three months of holding. This sell-off followed the whale’s prior accumulation of ONDO by trading 4,610.74 stETH valued at $17.38M.
This key level has historically acted as a strong hurdle for bulls. However, ONDO is still far below its recent peak of $2.20, leaving room for skepticism. Can the token maintain its upward trajectory and test new highs?At the time of writing, the Stochastic RSI seemed to be signaling bullish momentum, with the %K line at 58.87 crossing above the %D line at 42.84 – A sign of growing buying pressure. Additionally, the indicator’s uptrend suggested that the token may soon hit overbought territory.
However, zero-balance addresses have surged by 75.46%, signaling that many investors may be exiting their positions. This dynamic means that while ONDO has been attracting new participants, lingering concerns about its long-term prospects remain prevalent.Transaction stats highlighted a shift in market dynamics, with retail traders stepping in as whales retreat. Transactions below $10M surged by 69.29%, while large transactions exceeding $10M dropped by 60%.
CRYPTOCURRENCY ONDO WHALE MARKET RECOVERY TECHNICAL ANALYSIS
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