• ONDO broke out of a descending wedge, signaling potential upward momentum.
• Despite a massive token unlock, ONDO’s price increased by 15% in 24 hours.
• Strong fundamentals and positive sentiment helped maintain ONDO’s growth despite potential volatility.

Ondo Finance—ONDO, recently surged 15%, leaving many wondering what drove the sudden rise. The token’s price jumped despite expectations that a large unlock of 1.94 billion ONDO tokens would cause a drop. Instead, the market saw a sharp increase. Let’s explore why this happened and whether the post-unlock hype is the real reason behind the spike.

Technical Breakout and Strong Market Sentiment

At $1.38, ONDO showed impressive resilience and momentum. A breakout from a monthly descending wedge pattern suggested a potential trend reversal. This move, backed by strong buying interest, helped ONDO stay above a critical Fibonacci retracement zone.

The unlock of 1.94 billion ONDO tokens—representing 134% of the circulating supply—was expected to send the price down. However, the market defied these expectations, pushing the price up by 15% in just 24 hours. This showed that market sentiment remained bullish, despite the massive increase in token supply.

ONDO’s Market Resilience and Growth Outlook

A short squeeze played a role in the price spike. Traders expecting a price drop were forced to buy back as ONDO’s value rose. This added more buying pressure, further boosting the price. Instead of panic selling, the market saw the unlock as a buying opportunity.

ONDO’s strong fundamentals, including support from major investors, fueled positive sentiment. Break-even price analysis revealed that 66.63% of holders were in profit, reducing immediate selling pressure. Only 19.17% of holders were at a loss, minimizing downward risk.

This solid market distribution points to a stable foundation for ONDO’s future price movements. The ability to absorb volatility during a major token unlock shows strong fundamentals and growing market confidence. With continued bullish sentiment, ONDO could be in for more upward momentum.

The post ONDO Climbs 15%: Is the Post-Unlock Hype Behind the Spike? appeared first on Cryptonewsland.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed