• Ondo Finance supports at $0.874 trading at $0.9480 with $354.14 million volume.
• Breakout above $0.955 may lead to rally towards $1.135, gaining investors’ attention.
• Transfers worth 26.28M ONDO ($24.7M) cause short-term volatility for the market stability.

Ondo Finance (ONDO) is showing signs of resilience in the market today, currently priced at $0.9480 with a 24-hour trading volume of $354.14 million. Its market capitalization now at $3.01 billion has translated 0.07% market dominance for the project. Token has risen 0.43% over the past 24 hours.

Ondo Eyes Breakout Toward $1.135

As per Crypto TXG’s post has been pointing at token’s recent price movement. The altcoin held the support at $0.874 successfully and now retesting the resistance at $0.955. Traders comment on the fact that the breakout above the barrier could be confirmed for the way up toward $1.135.

However, in the absence of token gaining momentum beyond $0.955, the cryptocurrency could continue being held within a consolidation range between $0.874 and $0.955. A clear break beyond this channel will serve as an indicator of the next major market movement.

Also Read | Fitell Buys 216 Million PUMP Tokens, Rebrands as Solana Australia Corporation

Large Whale Transfers Could Trigger Volatility

Furthermore, Kai posted about Arthur Hayes, the co-founder of BitMEX, who moved 26.28 million ONDO tokens valued at about $24.7 million from the project’s wallet on different top-tier exchanges like Coinbase, Bybit, Binance, and OKX. 

Data by Arkham Intelligence reveals Hayes steered 6.57 million ONDO into his solitary Bybit pocket, making the cumulative inflows into Bybit wallets associated with him 36.88 million ONDO ($37.5 million) in the last month. Large movements of tokens into market infrastructure tend to instigate short-term volatility, as they suggest possible intentions to sell positions.

Traditionally, more than 90% of the bigger transfers or unlocks on the cryptocurrency side saw bearish price pressure. That has sparked some suspicions about the near-term performance of token notwithstanding the steady trading volumes.

Ondo stays at the moment within the crucial area. Provided the project sustains selling impulses without losing primary assistance, it may still run higher. But where liquidity dials swing as well as whales begin making charges, the next few days stand poised for proving token’s stability as well as market sentiment.

Also Read | SBI Crypto Loses $21 Million to Lazarus Group Hack