ONDO is up more than 50% in a single day, and how high can it go?

ONDO is the native token of Ondo Finance, a platform dedicated to democratizing high-quality financial products and services. The token launched on January 18 with an initial market cap of $150 million and a fully diluted valuation of $870 million.

Today, Ondo's price is $0.779773, with a trading volume of $1.56 billion over the past 24 hours. It currently has a market capitalization of $1.08 billion and a market dominance of 0.04%. Notably, the price of ONDO soared by 34.48% in the last day.

On March 21, Ondo hit an all-time high of $0.821876. Instead, its lowest price appeared on February 1, 2024, falling to $0.199209. The lowest recorded price since hitting the all-time high is $0.765493 (cycle low), while the highest price of ONDO since the last cycle low is $0.793867 (cycle high).

The current sentiment around the Ondo Finance price prediction is bullish with the Fear & Greed Index showing 78 (Extreme Greed). Currently, there are 1.39 billion ONDO tokens in circulation, and the maximum supply of ONDO is 10 billion.

The latest survey results from on-chain analytics firm show a significant increase in large transactions involving ONDO, indicating an increase in activity among major investors. In the last 24 hours, transactions over $100,000 have surged from 68 unique instances to 91. Interestingly, the surge in whale activity coincided with a noticeable decline in the availability of ONDO on exchanges, with the token supply dropping from 536.64 million to 529.6 million across all platforms over the same time period.

The surge in large deals (whale activity) involving ONDO indicates increased interest and investment from major players, potentially affecting market sentiment and driving price movements. In addition, a decrease in the supply of ONDO on exchanges may lead to a shortage of supply, which may lead to increased demand and upward pressure on prices.

How high can the ONDO price go?

Ondo stands tall in the crypto world as a leading financial platform, providing institutional-grade solutions to a global audience.

In its ecosystem, Ondo Finance and Flux Finance play a key role. Ondo Finance leads the tokenization space, offering US Dollar Yield (USDY) and US Treasury (OUSG) tokens, enabling users to earn returns. Currently, USDY has a total value locked (TVL) of $98 million, while OUSG holds assets worth more than $101.4 million, both of which have attractive APRs of 5.10% and 5.02%, respectively.

The recent spike in Ondo's price can be attributed to several factors. First, the expanding user base drove the ecosystem's TVL to over $206 million, marking growth and confidence. Second, Ondo has caught the attention of crypto enthusiasts as the hottest token on the platform – often a harbinger of success.

At the same time, the developers hinted that the ONDO token will be transferred from custodial accounts to private investors, service providers within Ondo Finance, and used for diversification purposes, emphasizing a strategic move to strengthen the stability and growth of the platform.

Analyzing ONDO's recent performance, it is clear that the coin has experienced significant bullish momentum, with 17 of the last 30 days being green, an increase of up to 57%. In addition, ONDO is currently trading near all-time highs, indicating strong investor interest and confidence in the project. In addition, backed by its impressive market cap, the coin also has high liquidity.

With these factors in mind, there is a good chance that the price of ONDO will continue to rise in the near future. The continued positive price action, coupled with the proximity to all-time highs, indicates a widespread bullish sentiment in the market. With high liquidity, ONDO is well-positioned to attract more investors and traders, further driving demand and potentially pushing up its price.

However, it is essential to consider the potential challenges and risks that could affect the price trajectory of ONDO. Market sentiment can shift quickly, and corrections or pullbacks are common in volatile cryptocurrency markets. Based on its recent performance and strong fundamentals, it is reasonable to expect continued upward momentum in the short to medium term.

(Source: Prasanna Peshkar)