ONDO Rises 30% in 24 Hours: Will the Rally Continue?
ONDO’s price has seen a significant increase of 30% in the past 24 hours, positioning it as one of the top gainers in the market. This surge comes after the Real World Asset (RWA) tokenization project’s token had dropped to $0.64.
It is important to note that this impressive recovery could be linked to the substantial accumulation by well-known players. The question now is, will this momentum be sustained?
BlackRock’s Continued Support Boosts ONDO’s Price
BlackRock recently invested $5 million in Temperature tokens on August 5, as reported by blockchain tracker Arkham Intelligence. This follows their previous purchase of the same cryptocurrency for $3.11 million, bringing their total accumulation in the past six days to over $10 million. This show of support from BlackRock could further drive up the price of Temperature tokens.
Furthermore, this investment aligns with BlackRock’s goal of facilitating instant settlement of assets tokenized in the U.S. Treasury-backed token OUSG, as per BeInCrypto’s research.
ONDO’s Blockchain Activity Soars: Positive Signals for Price
In addition to the recent buying spree, Ondo’s blockchain activity has surged significantly. Active addresses on the network have seen a 101% increase in the past seven days, while new addresses have grown by 44% and zero balances by 70%. These metrics indicate a high level of user engagement.
Increased activity suggests that both new users entering the Temperature market and existing network participants are actively involved. Typically, a surge in project activity like this often translates to an increase in the native token’s value.
Temperature Price Prediction: Targeting $0.87
Following ONDO’s recent price hike, it is currently 51.48% away from its all-time high of $1.48. This uptrend has also triggered a buy signal for the coin, hinting at a potential rally ahead.
If this momentum continues, Temperature could aim to erase the 38% dip since August 1st and reach $0.87. Maintaining the 38.2% Fibonacci retracement level is crucial for sustaining the uptrend and potentially reaching the 61.8% golden ratio of $1.10.
However, failing to reach previous highs could invalidate the forecast, leading the coin towards volatile lows of $0.50.
