ONDO Price Gains 20% in a Week: Six-Month High in Sight?

ONDO DAO’s native token, ONDO, has emerged as today’s top gainer, climbing nearly 10% in the past 24 hours. 

The move extends an already strong weekly rally, with the token gaining over 20% in the past seven days as rising demand continues to fuel bullish momentum across markets.

Sponsored

Sponsored

ONDO Rally Gains Strength: Positive Sentiment Fuels Leveraged Bets

The surge in price comes as market sentiment tilts increasingly positive. Santiment data shows that weighted sentiment around ONDO is firmly in buy-side territory, reflecting growing optimism among traders and investors. As of this writing, the metric stands at 0.554.

For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

The weighted sentiment metric analyzes social media and online platforms to gauge the overall tone (positive or negative) surrounding a cryptocurrency. It considers the volume of mentions and the ratio of positive to negative comments. 

When an asset’s weighted sentiment is positive like this, there are more positive comments and discussions about the cryptocurrency than negative ones, suggesting a favorable public perception. 

The more the bullish bias toward ONDO grows, the more retail traders are inspired to take new trading positions, which can drive up the token’s value in the near term.

In addition, the growing bullish sentiment on-chain aligns with the broader upswing in futures activity, with ONDO’s open interest now sitting at a nine-month high. At $586 million as of this writing, it has climbed 43% over the past seven days. 

Sponsored

Sponsored

Rising open interest during an uptrend typically signals fresh capital entering the market rather than just existing positions rotating funds. 

For ONDO, this means that its futures traders are increasingly willing to back the token’s upside with leveraged bets, a trend that can push price gains if momentum continues.

Can Demand Push It to a Six-Month High?

On the daily chart, ONDO currently hovers above the support floor formed at $1.01. If demand grows and this price level strengthens, it could propel ONDO to a six-month high of $1.23.

A successful breach of this long-term resistance could open the door for a rally toward $1.40.

On the other hand, if buying falls and profit-taking resumes, ONDO could break below $1.01, leading to a deeper decline to $0.85.