The ONDO price has shown significant growth, rebounding to $1.05 after recently dipping to $0.94. This increase was supported by rising trading volumes and whale activity.
Brief Price Dynamics of ONDO
In July, the ONDO price rose from $0.66 to $1.13, but then experienced a brief pullback to $0.94, part of a broader market decline.
However, the price quickly recovered to $1.05, indicating a possible continuation of the upward trend.
Whale Data and Trading Volumes
Investor confidence is evident from strong fundamentals. The total value locked (TVL) on the ONDO platform is near its all-time high of $1.376 billion. According to DeFiLlama, the project's weekly revenue has remained around $1 million since late June, indicating growing adoption and usage of the protocol.
Additionally, a sharp increase in whale activity was recorded, with 22 transactions over $1 million noted on July 27.
Technical Indicators and August Forecasts
Analysts are noting that the ONDO price chart is forming an ascending broadening wedge. Experts like the Wyckoff Architect project a potential rise to $5, based on long-term patterns. They also indicate that if the price breaks past the $1.13 resistance level, a swift move towards $2 is expected in August.
The ONDO price exhibits positive signals from trading volumes and market participant activity. The outlook for August remains optimistic.
