ONDO Crypto: Transfers Clock New Highs, Wedge Breakout Possible?

Ondo Finance (ONDO) crypto token transfers data highlighted a significant surge in activity, with the transfer amount peaking at over $727.53 Million on January 14, 2025.

However, the next day saw almost a third of this peak in transfers.

This marked the highest point since mid-2024, showcasing a renewed interest in the ONDO token.

The number of transfers on that day alone reached 4,849, involving 1,878 unique receivers and 1,457 unique senders, culminating in 2,532 total unique participants.

This spike in transfer activity suggested increased liquidity and possibly speculative interest, as traders and investors capitalize on new market opportunities.

The sharp rise in transaction volume could also imply a growing use case or adoption of the ONDO token within its respective ecosystem, potentially signaling an upcoming price appreciation if the demand continues to outstrip supply.

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Predictively, if this trend persisted, ONDO crypto could see further gains. Market watchers could expect resistance around the previous high transfer value levels, and any breakthrough above this could set new support levels, propelling ONDO to new highs.

The immediate response in the market following these large transfers could be crucial in determining the short-term direction of ONDO’s price.

ONDO Crypto Funding Rates

Looking at the ONDO funding rate heatmap revealed a significant negative funding rate exceeding -60%, signaling an unusual incentive for traders to hold long positions on ONDO.

This anomaly could be interpreted as market anticipation for an uptrend, or as a corrective mechanism against over-leveraged short positions.

It suggested exchanges anticipate a rise in ONDO’s value, or need to balance market sentiment.

The impact of such extreme funding rates on ONDO’s price remains speculative but suggests a bullish bias from market makers.

A breach above these levels could confirm the bullish sentiment indicated by the negative funding rates, potentially leading to further gains.

Conversely, failure to surpass these resistances might see the price correct, testing lower support levels. The next few trading sessions will be crucial in determining if the incentives provided by exchanges will translate into a sustained price recovery for ONDO crypto.

What the Falling Wedge Pattern Holds?

The ONDO token was trading within a classic falling wedge pattern on the daily chart, which could signal an impending bullish breakout.

The setup started from the consolidation of price into a narrowing range. As of press time, ONDO was priced at $1.2669, hovering near the lower trend line.

The falling wedge precedes a reversal from the prevailing downtrend. For ONDO crypto, a decisive breakout above the upper resistance line, notably around $1.4830, could trigger a sharp rally.

This move would need to be accompanied by increasing trade volume to confirm the breakout’s validity and sustainability. A potential surge in buying pressure could push the price past this resistance level.

If ONDO successfully breaches this point, the next immediate target could be the $2.00 mark, aligning with historical resistance levels and psychological round numbers.

Conversely, a failure to break out or a drop below the support at $1.065 could lead to further declines, testing lower supports potentially around $0.500.

This pattern suggested that ONDO could soon shift from its bearish phase to a bullish trend, assuming the broader market conditions remain conducive.