Ondo Finance (ONDO) has once again captured the cryptocurrency market's attention, driven by significant on-chain movements and the notable involvement of prominent figures like Arthur Hayes. This renewed interest comes as technical indicators, whale activity, and crucial DeFi metrics begin to shift, pointing towards a cautiously optimistic outlook for the token's future trajectory.
Whale Activity Ignites Interest
The recent surge in ONDO's market spotlight is largely attributed to massive on-chain transfers, with former BitMEX CEO Arthur Hayes emerging as a key accumulator. Data reveals that Hayes added another 3.89 million ONDO, valued at $3.63 million, to his Bybit wallet, bringing his total holdings to approximately $41.25 million over the past month. While substantial ONDO tokens were moved into exchanges—suggesting a mix of potential selling and accumulation—Hayes's continued acquisition has reignited whale-driven interest and created a sense of anticipation in the market.
Technical Levels to Watch
From a technical perspective, ONDO is showing tentative signs of recovery, having held above the $0.86 price level and demonstrating strength around $0.92 after an initial rejection near $1. For ONDO to confirm a sustained bullish momentum, it is crucial for the altcoin to flip and sustain above the $0.98 level, with the next significant target being $1.12. Successfully breaching this $1.12 resistance could pave the way for ONDO to climb towards its all-time high of $2, while a failure to do so might keep it range-bound.
Robust Fundamentals Amidst Cautious Volume
Despite the technical hurdles, Ondo Finance's fundamental strength in the DeFi sector is undeniable. The Total Value Locked (TVL) for ONDO has reached an impressive new peak of $1.72 billion, underscoring its growing adoption and positioning within the decentralized finance ecosystem. However, this robust fundamental growth is tempered by a more subdued trading volume, which hovers around $169.44 million, significantly below its yearly peak. While Open Interest shows steady derivatives participation, the muted volume suggests that speculative momentum has yet to fully catch up with its underlying strength, painting a cautiously bullish picture overall.
