Ondo (ONDO) has experienced a notable 10% increase in just 24 hours, successfully reclaiming significant price levels and making efforts to escape its downward trend, in contrast to a largely stagnant market. Analysts are optimistic that the newly established crypto-friendly government could drive the token towards achieving a new all-time high (ATH).
ONDO Aims for an ATH Surge
This past Friday, Ondo Finance, known for its tokenized real-world asset (RWA) platform, witnessed its native cryptocurrency lead the crypto sector with an impressive 11% daily rise. The coin exceeded the $1.50 threshold for the second time within the week, renewing investor enthusiasm surrounding the asset.
In the last three months, this token has experienced an extraordinary 120% increase, rising from approximately $0.60 to its current value. Following the election, a market surge pushed the cryptocurrency to its most recent ATH of $2.14, bolstered by substantial purchases linked to Donald Trump’s DeFi initiative.
In December, Trump’s World Liberty Financial (WLF) conducted a significant crypto buying campaign for $45 million, accumulating assets like Ethereum (ETH), Chainlink (LINK), Aave (AAVE), among others.
Midway through the month, WLF acquired 134,216 ONDO tokens in exchange for 250,000 USDC, which pushed ONDO’s price above the $2 threshold. However, the bullish momentum faced a setback following a market correction on December 19, leading to a decline towards the $1 mark in the subsequent days.
Since then, ONDO has struggled to regain the $1.60 resistance, fluctuating between $1.09 and $1.45 throughout most of the month. Crypto trader Miky Bull noted the token’s promising performance as it endeavored to break away from its downtrend today.
For the past month, the cryptocurrency has been on a downtrend since achieving its latest ATH, with a breakout attempt occurring at the start of the year. Currently, the token is trying for another breakout, managing to remain above the downtrend line.
According to recent analysis, the “king of RWA” might aim for a price target in the $2-$3 range during its breakout. However, for this breakout to be validated, it needs to stay above the $1.30 threshold. Additionally, ONDO should maintain a position near the $1.50 price point to sustain its bullish path toward the $1.60 resistance level.
Pro-Crypto Administration Could Boost US Tokens
Market analyst Detoshi highlighted that ONDO has reclaimed a critical price level, which could support a rally towards a new ATH. He noted that the token has regained its previous ATH resistance level, a vital support point before the December surge and during minor market corrections.
Meanwhile, Altcoin Sherpa emphasized ONDO’s strong performance, stating that its chart appears “robust,” and recognized the token as a “beneficiary of a pro-crypto administration.”
Analyst Ted Pillows suggested that investors should “watch Trump and his portfolio,” which includes ONDO, as these tokens are anticipated to thrive during the next market upswing.
Additionally, a new “Made in the USA” category has been established on major platforms like CoinGecko and CoinMarketCap for Trump’s inauguration. This category features ONDO, TRUMP, SUI, along with prominent cryptocurrencies like Solana (SOL), Cardano (ADA), and XRP.
Crypto enthusiasts and investors predict that these tokens may become the “next big narrative,” spurred by a new U.S. government that is favorable toward the industry and the anticipated end of the previous administration’s “regulation by enforcement” stance.
As of this writing, ONDO is trading at $1.51, reflecting a 20% increase over the week.
