ONDO token has demonstrated resilience following its token unlock, defying skeptics and establishing a strong foundation for future growth.

According to crypto analyst Sarosh, who accurately predicted the token’s performance during this critical period, ONDO’s price action tells a story of market strength and institutional confidence.

In the weeks leading up to the unlock, ONDO faced significant skepticism and selling pressure. However, Sarosh’s conviction about the 200-day Simple Moving Average (SMA) at $0.98 serving as crucial support proved accurate. This key technical level successfully withstood the pressure, providing a solid foundation for the token’s subsequent recovery.

The first clear indication of a trend reversal came through an RSI crossover, with the purple line climbing above both the yellow line and the critical 50 level. As Sarosh notes, this technical development signaled bulls regaining control, even against the backdrop of broader market uncertainty and a month-long decline in the altcoin market.

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January 18th, the much-anticipated unlock day, produced what Sarosh describes as a classic spinning top candle formation. Despite the distribution of 1.94 billion tokens, which many predicted would crash the market, ONDO demonstrated remarkable stability. The session closed with minimal losses, effectively turning what many feared would be a catastrophic event into a non-event.

The following day, January 19th, proved even more telling. Despite significant broader market turbulence, including Bitcoin’s drop to $100,000 and an overall 7% decline in the altcoin market cap, ONDO managed to close up 4%. Sarosh notes the impressive trading volume of 60.5 million, suggesting strong institutional buying interest even amid challenging market conditions.

As of today ONDO’s market position looks increasingly favorable, supported by Bitcoin’s push to new all-time highs and a broader altcoin market recovery. Sarosh’s analysis points to several key price targets ahead: $1.70, $1.90, and $2.20. The token’s setup outside the descending channel appears particularly bullish, suggesting potential for significant upward momentum.

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Trading volume has already surpassed its 30-day moving average since December’s all-time highs, further reinforcing the bullish outlook. As Sarosh emphasizes, this technical setup, combined with strong market fundamentals and institutional interest, positions ONDO for potential significant gains – barring any major market disruptions or fundamental changes in the project’s trajectory.

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The post ONDO Recovers Strongly Following Successful Token Unlock: Here Are Next Price Targets appeared first on CaptainAltcoin.

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