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Ondo (ONDO) has seen a 10% surge in the last 24 hours, reclaiming key levels and attempting to break out of its downtrend while most of the market continues moving sideways. Some analysts suggest that the new crypto-friendly administration could propel the token’s price to a new all-time high (ATH).
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ONDO Targets Rally To New ATH
On Friday, tokenized real-world asset (RWA) platform Ondo Finance saw its native token lead the crypto market with its 11% daily surge. The cryptocurrency surged past the $1.50 mark for the second time this week, reigniting investors’ sentiment about the token.
Over the past three months, the token has registered a 120% jump, climbing from the $0.60 mark to its current price range. Moreover, the post-election rally propelled the cryptocurrency to its latest ATH of $2.14, fueled by Donald Trump’s DeFi project’s buying spree.
In December, Trump’s World Liberty Financial (WLF) went on a crypto buying spree worth $45 million, acquiring millions in Ethereum (ETH), Chainlink (LINK), Aave (AAVE), and other tokens.
Halfway through the month, WLF purchased 134,216 ONDO tokens for 250,000 USDC, propelling ONDO’s price above the $2 mark. Nonetheless, the cryptocurrency’s bullish momentum was halted after the December 19 market correction, which saw ONDO retrace to $1 in the following days.
Since then, ONDO has been unable to reclaim the $1.60 resistance level, hovering between the $1.09 and $1.45 price range for most of the month. Crypto trader Miky Bull noted the token’s bullish performance as it attempted to break out from its downtrend today.
The crypto has been in a one-month downtrend since hitting its latest ATH, with an attempted breakout at the start of the year. Today, the token is attempting another breakout, currently holding above the downtrend line.
Per the post, the “king of RWA”’s breakout could target the $2-$3 price range. However, the cryptocurrency needs to remain above the $1.30 level to confirm the break. Additionally, ONDO should hold near the $1.50 mark to continue its bullish trajectory toward the $1.60 resistance.
New Pro-Crypto Administration To Fuel American Tokens?
Market watcher Detoshi pointed out that ONDO has recovered a key level after its recent performance, which could support a rally toward a new ATH. According to the post, the token has reclaimed its previous ATH level, which was a crucial resistance before the December pump and significant support during the smaller market corrections.
Meanwhile, Altcoin Sherpa also highlighted ONDO’s performance, stating that the cryptocurrency’s chart is “looking strong,” adding that it was a “good beneficiary of a pro-crypto administration.”
Similarly, Analyst Ted Pillows suggested that investors should “keep an eye on Trump and his wallet,” which includes ONDO, as these tokens are expected to perform well during the next leg up.
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Notably, a “Made in the USA” category was created on platforms like CoinGecko and CoinMarketCap for Trump’s inauguration. This category includes ONDO, TRUMP, SUI, and other big players like Solana (SOL), Cardano (ADA), and XRP.
Crypto leaders and investors anticipate that these tokens might be the “next big narrative,” fueled by the new US industry-friendly government and the expected end of the “regulation by enforcement” approach led by the previous administration.
As of this writing, ONDO trades at $1.51, a 20% increase in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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