The ONDO token recently reached an unprecedented high of $2.14, driven by a notable transaction involving Donald Trump's crypto initiative, World Liberty Financial, which invested 250,000 USDC to acquire 134,216 ONDO tokens. This move is poised to further fuel the token's upward momentum.
As per Arkham Intelligence's report, World Liberty Financial facilitated this significant token acquisition utilizing Cow Protocol. Conducted during early trading hours in Asia, the purchase averaged at $1.83 per token. This large-scale transaction triggered a substantial surge, propelling ONDO to its peak price of $2.14, only to experience a minor correction shortly after.
Nonetheless, ONDO remains a standout performer, boasting a 17% increase over 24 hours and claiming the top position as the market's leading gainer. This price ascension is paralleled by a notable 120% hike in daily trading volume—an indicator of market enthusiasm for the token.
Escalating trading volumes alongside price rallies often signal genuine market interest rather than speculative activity. This dynamic suggests that ONDO's upward trajectory may have longevity, as active trader participation underlines its potential.
The sustained increase in On-Balance Volume (OBV), now at a seven-month peak of 1.74 billion, underscores this accumulation trend. OBV measures cumulative volume, adding on up days and subtracting on down days to assess trading pressures. The rising OBV during a price rally is a positive marker of strong buying, hinting at continued bullishness.
Currently trading at $2.05, ONDO hovers just below its all-time high, with a resistance level forming at $2.14. Successfully surpassing this threshold could drive the token towards new record levels.
However, should investors decide to secure profits, this optimistic outlook could falter. If that happens, ONDO might retreat to $1.79, marking its next significant support level.
The purchase by Trump’s crypto project catalyzed ONDO's price hike, marking a pivotal development in the ongoing narrative of real-world asset tokens.