Ondo Finance (ONDO) surged over 14% within 24 hours, marking the best performance among top 100 cryptocurrencies. This rally followed a significant accumulation by large holders and a quadrupling of perpetual futures trading volume.
Whale Accumulation and Trading Activity
Perpetual swap volume for ONDO jumped from $38.48 million to $155 million in a single day, an increase of more than 300%, according to DefiLlama data. Despite this surge, the volume remains below the July 17 peak of $271 million. decentralized exchange volumes stayed flat, indicating that the spike was driven solely by futures contracts.
Large entities also bought ONDO tokens on spot markets. Arkham Intelligence reported six transfers totaling 178 million ONDO tokens, valued at approximately $61 million, moved from Coinbase Prime Custody to various addresses. Each batch held about 29.64 million ONDO, worth $10.23 million. Such frequent, sizable transfers suggest growing interest from whales and institutional investors.
Technical Indicators Point to Potential Upside
ONDO broke out of a two-and-a-half-month consolidation triangle pattern on July 15, triggered by support tested three times near $0.30. The token is currently forming a potential higher low near $0.34, which will be confirmed with a daily close above $0.40.
Technical indicators show bullish signals: the MACD is positive, and RSI divergence stands at 64.71, supporting further upward momentum. Resistance levels lie at $0.40, $0.44, and the triangle top at $0.48. Sustained buying from large holders increases the likelihood of surpassing these hurdles.
- Perpetual futures volume rose 4x to $155 million
- Spot purchases from Coinbase Prime Custody totaled $61 million
- ONDO price broke out of a triangle pattern mid-July
If price fails to break above resistance, a pullback to $0.34 or $0.30 is possible. The current developments underline a critical phase in ONDO’s price structure.
This material is for informational purposes only and does not constitute financial advice.
