TL;DR
- The ONDO token reached a new all-time high of $2.14, driven by the purchase of 134,216 tokens by Donald Trump’s crypto project, World Liberty Financial.
- The acquisition amounts to $250,000 USDC and generated a 9% increase in the last 24 hours, with a 27% weekly growth and 114% monthly growth.
- The price increase is accompanied by a strong rise in transaction volume, which rose by 195%, supporting a bullish trend driven by demand.
The ONDO token has reached a new all-time high of $2.14, driven by the recent purchase of 134,216 tokens made by World Liberty Financial, the crypto project linked to former U.S. President Donald Trump.
The acquisition, valued at 250,000 USDC, took place during the early Asian session on Monday, triggering a sharp rally in ONDO’s price. The purchase was made at an average price of $1.83 per token.
The rally is a result of both the specific purchase and the growing demand for ONDO in the market. In the last 24 hours, the token has experienced a 9% increase, making it one of the best-performing assets in the market. On a weekly basis, the rise is 27%, and on a monthly scale, the figure skyrockets to 114%.
The Bullish Trend of ONDO Could Solidify and Persist Over Time
The price increase is accompanied by a strong rise in transaction volume, which has surged by more than 195%, showing clear market interest. An increase in trading volume during a price rally is usually a positive signal, as it indicates that the growth is based on demand rather than speculation.
Technical analysis also supports the bullish trend of ONDO. The On-Balance Volume (OBV), an indicator that measures buying and selling pressure, has reached its highest level in seven months, suggesting that the price increase is backed by strong buying interest. As the OBV rises, the probability of the bullish trend continuing increases.
Despite a slight correction after reaching its all-time high, the token remains above its previous level. In the short term, if the price surpasses the $2.14 resistance level, ONDO could reach new heights. However, if profit-taking occurs, the price could retrace to $1.79, its next support level.