• ONDO hiked and broke out of descending channel despite whale exits
• Retail traders stabilizes ONDO as technical indicators highlighted bullish momentum

A major whale has disrupted the ONDO market by selling 10.97M ONDO for $13.57M USDC, incurring a massive $3.8M loss after just three months of holding. This sell-off followed the whale’s prior accumulation of ONDO by trading 4,610.74 stETH valued at $17.38M. 

At press time, ONDO was trading at $1.36, following a 9.65% hike in the last 24 hours. Needless to say though, the aforementioned sell-off has raised doubts about whether it can sustain its recovery and restore market confidence or not. 

Has ONDO broken free from its slump?

The altcoin’s price action revealed some encouraging signs, with the token breaking out of a descending channel that suppressed its growth for weeks. After rebounding from a low of $1.10, ONDO is now targeting the critical resistance level at $1.62. 

This key level has historically acted as a strong hurdle for bulls. However, ONDO is still far below its recent peak of $2.20, leaving room for skepticism. Can the token maintain its upward trajectory and test new highs?

Technical indicators point to a bullish shift

At the time of writing, the Stochastic RSI seemed to be signaling bullish momentum, with the %K line at 58.87 crossing above the %D line at 42.84 – A sign of growing buying pressure. Additionally, the indicator’s uptrend suggested that the token may soon hit overbought territory. 

The Parabolic SAR confirmed this optimism, with dotted markers forming below the price action, starting at $1.10. This highlighted a potential reversal to an uptrend. However, failure to clear $1.62 could trigger renewed selling pressure, tempering this bullish outlook.