ONDO ‘decouples’ from Ethereum to see green – Is $1 price next?

• ONDO hiked by more than 5% over the last 24 hours 
• Buying pressure rose on the charts too

ONDO decoupled from the wider crypto-market as its daily chart remained green, while others bled. In fact, ONDO also managed to outshine the king of altcoins, Ethereum [ETH], on the social front. Let’s have a closer look at ONDO to see what’s going on. 

ONDO bulls are standing strong

While most cryptos’ daily charts were red because of the market crash, ONDO chose to move the other way. According to CoinMarketCap, the altcoin appreciated by more than 5% in the last 24 hours.

At the time of writing, it was trading at $0.8269 with a market capitalization of over $1.14 billion, making it the 77th largest crypto. The positive price action also caused investors’ confidence in the token to increase. This was supported by the fact that ONDO’s weighted sentiment spiked sharply. In fact, the uptick was so sharp that it outperformed ETH on this front.

Source: Santiment

LunarCrush recently shared a tweet highlighting ONDO’s growth on the social front. As per the same, the token’s social interactions surged by 117.4%.

A possible reason behind this surge might be related to BlackRock. The altcoin’s social volume and value increased after it tested out the newly introduced ability to do near-instant conversions between Circle’s USDC stablecoin and BlackRock’s new BUIDL token. However, will the hype around this episode be enough for ONDO to maintain its bull rally? 

What to expect from ONDO

To see which way ONDO might be heading, AMBCrypto analyzed Santiment’s data. As per our analysis, buying pressure on the token was increasing as its supply on exchanges dropped. Meanwhile, its supply outside of exchanges increased, highlighting that investors have been accumulating more.

However, the supply held by top addresses dropped slightly, indicating that a few whales might have sold their holdings. Its MVRV ratio also seemed troublesome, with the same declining sharply over the last few days. 

Source: Santiment

Additionally, a few of the technical indicators also looked bearish. For instance, the Chaikin Money Flow (CMF) registered a downtick, indicating that its price might soon register a correction.

Similarly, the MACD projected a clear bearish advantage in the market. Nonetheless, the Relative Strength Index (RSI) went north – A sign that ONDO might be able to sustain its uptrend. 

Source: TradingView

Read ONDO’s Price Prediction 2024-25

Finally, we then took a look at Hyblock Capital’s data to find possible targets the token might hit if the bull rally lasts.

We found that the token might face resistance near $0.87. A successful breakout above that level could allow the token to reach $1 in the coming weeks. 

Source: Hyblock Capital